On February 4th 2019, the government released the 1000+ page Final Report for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Advisers and the industry as a whole have faced scrutiny, with reforms in progress. One of the key recommendations from the Royal Commission was reporting the lack of independence by financial advisers.
The President of the IFAAA, Daniel Brammall, has applauded these recommendations. “The IFAAA welcomes Commissioner Hayne’s recommendations. They echo the IFAAA’s Gold Standard of Independence: no commissions, no asset fees, no links to product manufacturers. Without this Gold Standard, as a consumer you run the risk of not getting true advice, but rather a sales pitch masquerading as advice.”
Independent Financial Advisers Association of Australia (IFAAA) formally refers to the gold standard of independence in financial advice. All advisers / members must meet the following criteria:
- No asset-based fees
- No commissions or incentive payments from product manufacturers
- No ownership links or affiliations with product manufacturers
Vince Lam (who is the Principle Consultant at Plutus Financial Guidance) is a professional Accountant and an IFAAA Gold Standard Independent Financial Advisor with almost two decades of experience.
If you’re after independent superannuation advice, retirement planning financial advice, estate planning advice, aged care financial advice and/or are interested in learning about wealth protection, we have an independent wealth adviser waiting to hear from you.
Discover more about Plutus Financial Guidance’s education, experience and values here.