The collapse of Dixon Advisory, one of the nation’s largest wealth managers, has exposed the heavy personal and financial cost of the 36-year-old firm’s highly conflicted business model that steered the retirement savings of thousands of middle-class Australians into its own poorly performing high-fee property fund.
On Wednesday, the parent company of E&P Financial announced that voluntary administrators had been appointed to Dixon Advisory Superannuation Services (DASS), bringing an undignified end to the once-respected advisory firm formed by pensions expert Daryl Dixon to help Australians manage their pensions.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
