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The Independence Advantage

Current opt-in laws will be thrown out on July 1 and advisers will need to warn clients if they aren’t independent. There is a lot of hype and hysteria in the public domain about this right now but the transition is not as complicated as you might think. Meeting the legal test for independence has never been so achievable…

Download our Roadmap To Independence now for a guided approach on how to methodically remove the obstacles, one-by-one, and legally promote your independence as a powerful point of difference in the marketplace.

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What does this mean for you and your clients?

The Treasurer, Josh Frydenberg, has published draft legislation that upends existing laws for ongoing adviser fees and also requires financial planners to warn clients if they don’t meet the test for independence.

The response to date from industry associations has ranged from declaring how much revenue its members stand to lose, through to circulating a discussion paper asking for ideas.

This apparent leadership vacuum caused one adviser to observe in the trade press recently that her association’s close relationship with the insurers and banks “means they have absolutely no way of helping advisers provide independent advice. It doesn’t appear [they] realise where the industry is headed.”

If you’re wondering exactly what this means for you, your clients and what you can/should be doing about it – we can help.

The Roadmap To Independence

Since 2010 the Profession of Independent Financial Advisers has been coaching advisers on what it takes to become independent and the benefits of going down that path.

We’ve spent the last 12 months distilling those experiences into an simple to follow Roadmap for financial planners, that will show you how to rise above the regulatory noise.

Don’t waste your energy hoping for last minute intervention by your local MP or an industry association to stop the inevitable. This is actually a huge opportunity and everything you need to take advantage of that opportunity is right there for you. It’s up to you.

What Members Say About Pifa

"Being Independent is not just about fees, it is a mindset that sets you free from the conflicts of the financial services industry and allows you to be an adviser for your clients and just as importantly gets you that little bit closer to being regarded as a true professional instead of a sales person."

"I believe good advisers providing truly independent advice have a responsibility to make their services more available to the public – a responsibility both socially and professionally. Find a way to make it happen."

"Being independent – to me – is the premier. You can have the CFP and all that stuff … but if you’re institutionally owned the consumer will always look at you and say ‘is that everything, do I know everything?’ and for that reason independence is the biggest ticket to the game in my view."

"We have always felt that the way many financial planners are remunerated just does not make sense. We always believed there was better way to reward us for our professional advice and our ability to make our clients lives better through financial freedom and that way was to be paid directly by our clients for the strategic advice we provide."

"I want to have little or no influence from outside parties (bosses/corporations) on my advice. To be free to do what I want for the benefit of clients. I want to be seen to do the right thing."

"The demand is there and it will only continue to grow as the problems with conflicted advice continue to be brought to people’s attention. Being independent isn’t just right, I think that ultimately it’s good business. That’s a bag of gems, rather than just one."