Independent Financial Advisers
The difference independent advice can make
Independence is the cornerstone of trusted financial advice.
In the context of financial advice the term ‘independent’ can only be used if an adviser meets certain criteria laid out in Corporations Law, specifically Section 923A of the Corporations Act.
These criteria are set out to ensure that financial advisers saying they are independent, actually are. The criteria broadly mandate that independent financial advisers are to;
receive no monetary or other benefits from products and services that the financial adviser recommends to their clients.
have no conflicts of interest in products or services that may influence the financial advisers’ recommendations to clients.
These restrictions prohibit charging commissions to clients, restricting the products recommended to clients, and receiving any gifts or other benefits from the providers of products.
These requirements ensure that clients seeking financial advice know that their interests are the only priority. Independent financial advice allows clients to know that their financial adviser has no hidden incentives or loyalties to worry about. Each piece of advice will be weighed against the other offerings in the market with no bias.
When you’re choosing your financial adviser, choose independence, for a higher quality of advice, that you can trust.
Independent advice practices are hard to find. At Tupicoffs, we are proudly Independent Financial Advisers. All our financial planners have signed our Declaration of Independence, and they confirm annually that they meet all the criteria to be called independent.
Independence is an important part of who we are and what we do. You can find a Declaration of Independence in our Financial Services Guide.
Every decision, every recommendation, every conversation we have, is focused on making a meaningful positive difference for our clients.