Australia's most awarded financial planning practice celebrated a rare industry milestone today, meeting all the legislative criteria required to sign their very own Declaration of Independence, according to Tupicoffs Managing Director, Neil Kendall,
"As a long standing fee-for-service practice striving to make a meaningful positive difference, we owed it to the Australian public to do what was necessary to meet the definition of independent under the Corporations Act,” Mr Kendall said.
“Being independent means we have no ownership links or affiliations with product manufacturers and don’t receive commissions or incentive payments from product providers. We believe this is the future for financial planning in Australia.
“Independence allows us to provide genuinely impartial advice with no conflicts of interest.
“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.”
Brisbane-based Tupicoffs client of eight years, Mr Kirk Knipmeyer, had always valued the holistic approach of Tupicoffs but was glad to hear the practice was continuing to put its money where its mouth is.
“I’ve always been happy with Tupicoffs but being independent is the jewel in the crown,” Mr Knipmeyer said.
“I am surprised by how few financial planners are actually independent.”
Mr Kendall said while some consumers may not yet understand the importance of the word ‘independent’ when referring to a Financial Planner, he thought it would become a basic expectation for consumers in the future.
“We have recognised that independence in financial planning is so important we have gone the extra mile to ensure we could call ourselves independent, and meet the regulator’s requirements to use that term. It is fine to be ‘independently minded’ but much better to actually be ‘independent’.”
Tupicoffs advisers hold the current FPA National Best Practice Awards in both CFP and AFP categories and the current Money Management Financial Planner of the Year Award. Tupicoffs celebrates 44 years of operation on the 4th of July 2014. Tupicoffs financial planners are all degree qualified and have individually signed the Declaration of Independence. Tupicoffs has its own Australian Financial Services Licence, Australian Credit Licence and is a registered Tax (financial) Adviser. Tupicoffs is an FPA Professional Practice.