Canstar claims to be Australia’s biggest financial comparison site, with extensive information related to banking, insurance, investments and superannuation, business products and more. So it goes without saying that when a list of trusted Independent Financial Advisers in Australia is released by Canstar, we would hope to be included.
According to the 2018 Financial Advice Report by Investment Trends, trust in financial advisers has hit an all-time low. The report says that this may be due in part to the dishonest behaviour uncovered by the banking royal commission. According to the report, more than 40% of Australians do not believe the financial services and banking industry has met its obligations to them. Similarly, many submissions made by the general public to the royal commission voiced the concern that financial advisers are only recommending particular in-house or commissioned products. This concern is longstanding – back in 2009, the Australian Securities and Investments Commission (ASIC) stated that many financial advisers act as a “sales force” and “a product pipeline” for financial product manufacturers.
Despite this, there is still significant demand for financial advice. According to the report, in the next two years it’s estimated that over two million Australians will engage the help of a financial adviser. If you’re looking for an adviser who is not affiliated with any product provider and who doesn’t receive commissions for selling particular products, it might be worth considering an independent financial adviser.
The following list, at the time of writing, comprises IFAAA Practising Members located in Australia by city and state.
According to IFAAA, to be a practising member, financial advisers must comply with the Corporations Act (including its definition of independence) and must meet the following three criteria:
- No ownership links or affiliations with product manufacturers
- No commissions or incentive payments from product manufacturers
- No asset-based fees