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.
But behind closed doors you’ll work for the FPA and get payments from product manufacturers. Double standards there. It’s not ok personally because you’re required to disclose it but when you don’t it’s ok.
Well done Tupicoffs.
Noting that IFAAA members have met the corporations Act Definition of Independence for some time now.