A newly-formed industry association has been set up in Australia - but only 14 firms have so far met its strict criteria for independence.
According to the Independent Financial Advisers Association of Australia (IFAAA), "truly" independent advisers only charge a fixed fee for their work, not a percentage of investments or commissions, including on insurance. They also must not be tied or owned, even partly, by a provider. Neil Salkow, of Brisbane-based Roskow Independent Advisory and one of the advisers to make the grade, says there are three types of financial adviser in Australia: institutionally-owned, independently-owned and independent. The first, he says, is owned by a financial institution and means the advice c...
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