Independent Financial Advisers Association of Australia (IFAAA)
Does your financial adviser pass the "Gold Standard of Independence" test?
The Independent Financial Advisers Association of Australia exists to promote the ‘gold standard’ of independence for financial advisers. Members of the IFAAA are genuinely independent financial advisers who stand out from the rest of the financial planning community because they:
- Do not have any ownership links or affiliations with product manufacturers;
- Do not receive commissions or incentive payments from product manufacturers; and
- Do not charge asset-based fees.
Why? These are conflicts and conflicts increase the likelihood of poor advice. Anything less than genuinely impartiality undermines the consumer’s confidence and makes low quality advice more likely.
In late 2009 the ASIC submitted to government that commissions and product affiliations are conflicts of interest which “distort the quality of advice” and should be banned. The consumer group CHOICE endorses the recommendation.
The IFAAA aims to solve the definition of independence and promote the value of independent advice to the consumers, to train and develop independent financial advisers, and to represent the interests of its members to government.
If you would like to speak to a genuinely independent financial adviser, please contact us online .