The ghost of Dixon Advisory haunts planning industry
Financial planners are up in arms about being forced to pay out tens of millions of dollars in compensation to victims of the conflict-riddled wealth management firm.
Dixon Advisory has been dead for more than two years. But the collapse of this conflict-riddled wealth management firm is causing more problems than ever for the financial planning industry, which is up in arms about the prospect of tipping in $130 million to bail out its victims.
Financial planners believe they are the victims of a well-intentioned but poorly designed compensation scheme that is punishing them for the sins of Dixon Advisory committed years ago.
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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
