New independent adviser association launches

A number of independent financial advisers have come together to launch a new member association.

The new group is founded by two Perth-based advisers, Christopher Young and Berivan Dubier, and Victorian-based Nick Bruining, who is also a former FPA director.

“Professional independent advisers are keen to get the message about the value of independent advice out there. The most effective way is to have a member association, run by members for the benefit of members,” Mr Young said in a statement to coincide with the association launch.

“Our membership criteria are pretty strict. We’ll only admit advisers that comply with S 923A of the Corporations Act and can legally call themselves independent on their FSGs. We’re only interested in established advisers with a clean history.”

The group, which is entirely run by volunteers, also confirmed that associate membership is restricted to retired CIFAA members and students or provisional providers undertaking their professional year.

Speaking to ifa, Mr Young said that the association’s formation comes at a significant time for the advice sector, particularly on the back of the federal election and Stephen Jones’ appointment as financial services minister.

“It’s likely that the government will continue to introduce regulations that encourage advisers to move towards the independent advice model,” he said.

“There has been a recent change where advisers are required to warn that they are not independent in their financial services guide (FSG), it’s likely that the newly elected government continues with this theme.”

Mr Young said that the CIFAA’s goal is to get the message out to consumer about the value of independent advice and to also encourage advisers to move towards independence.

“Advisers should join so they can help this cause,” he said.

Though the recruitment of an external CEO could be on the cards down the line, the CIFAA plans to apply surplus funds to promote the association in the short term.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.