Boutique firm Tupicoffs has taken steps to bring the company in line with the Corporations Act definition of an independent financial advice provider.
While Tupicoffs has been non-aligned since 2006, when it split from AXA, managing director Neil Kendall said the firm decided it “owed it to the public” to go fully independent.
“Being independent means we have no ownership links or affiliations with product manufacturers and don’t receive commissions or incentive payments from product providers,” Mr Kendall said in a statement.
“We believe this is the future for financial planning in Australia. Clients continue to tell us when it comes to choosing a financial planner, independence from product provider influence or incentive is the most sought after attribute, but the hardest to find.”
Mr Kendall added that while it is “fine to be independently minded” that it is better to be able to use the term “independent” and said he encourages other practices to follow suit, anticipating increasing consumer demand for independence.
The news comes as Synchron director Don Trapnell has anticipated a resurgence of non-aligned players in the financial advice market.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 23 Apr 2018Neil Rogan departs CenturiaBy Reporter
- 23 Apr 2018Banks should foot RC bill: HansonBy Jessica Yun
- 23 Apr 2018AMP admits keeping Dover in darkBy Killian Plastow and Aleks Vickovich
- 23 Apr 2018AMP facing shareholder class actionBy Reporter
- 23 Apr 2018ANZ concedes ‘unacceptable’ adviser monitoringBy Aleks Vickovich
- 23 Apr 2018FSC backs stronger misconduct penaltiesBy Reporter
- view all