"It's great to know that the advice you are receiving is always going to be in your best interests."
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For discerning families that want to ensure there are no conflicts or biases in the advice they receive, an Independent Financial Planner is the obvious choice. It's great to know that the advice you are receiving is always going to be in your best interests.
In financial planning, the term 'independent" cannot be used lightly. "Independent" is a controlled term under the Corporations Law. Only financial planners who can meet a rigorous set of standards set out under Section 923A of the Corporations Act can describe themselves as independent or unbiased.
Anyone who receives any form of commission or sales incentive cannot call themselves independent. Similarly if ownership or control exists with a financial product provider then the term independent cannot be used. There are only a very small number of financial planners or financial advisers in Australia who meet the definition of independent.
When choosing your Financial Planner, ensure they have signed a Declaration of Independence and confirm annually they meet all the criteria to be called independent.