The list, published on Superguide.com.au, claims the country only has 14 financial planners out of a potential 14,000 who are considered completely ‘independent’ and capable of providing unbiased financial advice.
Superguide.com.au owner Trish Power claimed that after “some time” a “handful of motivated licensed financial advisers” had unearthed the industry’s much sought after list.
While Power’s revelations of finding 14 advisers does sound extremely low and therefore alarming, further reading suggests all is not what it seems.
It appears the ‘research’ was conducted by Matthew Ross, the co-founder of the Independent Financial Advisers Association of Australia (IFAAA).
The article goes on to say that by publishing the “group of 14” it would inspire other advisers to become “truly independent”.
It then continues to give a brief blurb about the benefits of the IFAAA, how an adviser can become a member and the cost of membership.
While there does not seem to be any evidence of the in-depth research Superguide.com.au or IFAAA has undertaken, the low number of advisers is still a major concern.
After navigating through the website, a comment left by Ross in October last year suggested readers head to another website, independent-advice.com.au, to track down the country’s 15 truly independent financial advisers.
The website, run by Smart Compliance’s Brett Walker, is essentially a directory of independent financial advisers.
Interestingly, the number of financial advisers listed on the website numbers more than 100, and includes the list of 14 advisers published by Superguide.com.au.
There of course is a definite need for financial planners who feel they need to be heard as being independent. Therefore there should be a list available to consumers who are also seeking an adviser who is not going to push a product or take commissions.
Though, suggesting that there are only 14 advisers in this country who put the interest of their client before their own back pocket is a big call.
Of the advisers I have spoken with over the years, the true test of a person’s ability is in their character.
Yes, there is a lot of concern within the industry that if the large financial services institutions were to merge then the amount of choice for the consumer would drop.
Though, for many, despite whose logo appears on their business card, privately owned or otherwise, if a product is not in the best interest of the client, then it is not an option.
