The Australian Securities and Investments Commission (ASIC) has banned Victorian financial adviser Nicholas Hogan from the financial services industry for four years.
ASIC determined that Mr Hogan failed to act in the best interests of clients, provided inappropriate advice and engaged in misleading, deceptive and unprofessional conduct. The banning order took effect from 18 December 2025.
Findings of misconduct
ASIC found that Mr Hogan engaged in misleading, deceptive and/or unprofessional conduct by impersonating other advisers and knowingly having statements of advice (SOAs) prepared by others in his name. He also presented SOAs in the names of other advisers to clients of Venture Egg and Reilly Financial, despite having limited interaction with those clients.
According to ASIC, Mr Hogan gave advice to four clients to switch their superannuation funds using an advice process that outsourced key elements, including the fact find and risk profile assessment, to an unlicensed third-party referral partner. ASIC found that Mr Hogan used predetermined advice outcomes based on a template SOA.
The template SOA recommended that clients switch their existing superannuation funds to Netwealth and retain a standard sum of $10,000 in each of their existing superannuation funds for insurance purposes.
Review application and dismissal
On 22 December 2025, Mr Hogan lodged an application with the Administrative Review Tribunal (ART) seeking a review of ASIC's decision. He also applied for a stay and a confidentiality order pending the outcome of the ART review.
Mr Hogan later withdrew his application for a review of ASIC's decision, as well as his applications for a stay and confidentiality orders. Following this withdrawal, the ART confirmed that the application was dismissed.
Professional background
Mr Hogan commenced his professional year training in February 2022 under the supervision of Ferras Merhi of Ferras Merhi Pty Ltd & United Financial Advice Pty Ltd (Venture Egg). On 2 September 2022, he became an authorised representative of Interprac Financial Planning Pty Ltd under the corporate authorised representative of Venture Egg.
On 3 March 2023, Mr Hogan moved to Rhys Reilly Pty Ltd trading as Reilly Financial, where he operated as an authorised representative under that corporate authorised representative structure.
