We are 1 in 1000.
“Being a truly ‘independent’ adviser is a term that carries weight.
Our policy is to eliminate altogether any commission wherever possible, and when we can’t, we rebate the commissions to clients periodically. Over the past few years we have given away over $300,000 worth of fees.
This means our advice is less likely to be influenced by how we are paid. We are free to choose the best products which are well researched to give you what you need. We simplify the client experience by questioning existing financial structures and pursuing opportunities offered by new technology.
If you seek more on the introduction of further measures to significantly increase professional standards for financial advisers in Australia take a look via the ASIC on regulation of financial services industry.
More about commissions…
Commissions rebated to clients add up in the hundreds of thousands of dollars
We never thought our rebating of commission from investments and insurance to clients would add up to be so much. We’ve recently added them up and they currently total over $300,000, and still counting.
The cash rebated excludes the thousands of dollars clients have saved from having commission stripped out of their insurance premiums, that resulted in premiums being reduced by about 30% for the lifetime of the policies.
Commission rebated effectively subsidises or pays for our services
Some clients have a lot of health issues which prevents us being able to apply for new lower priced cover for them. The reason for this is that the insurance companies exclude pre-existing conditions from cover, or slap on high loadings. For these clients, we simply take over as their new adviser on any existing policies and rebate all commissions. For some clients such rebates in fact pay a large part of their fees to us, so in effect the cost of managing other aspects of their finances are effectively paid for by the insurance cover they have.
And for those that have high investment balances the ongoing commission that we have credited to their bank accounts pays for almost our entire fee.
What it really means to be independent
There has been much heated debate within the financial planning industry around what it means to be ‘independent’ and who should be permitted to use the terms ‘independently owned’ or ‘non-aligned’. See here how ASIC is enforcing restrictions on the use of ‘independent’.
In the sea of information available we understand it can be a struggle to choose an adviser you can trust. The videos we have posted below, shed light (in a humorous way), on the issues consumers face when seeking advice and provide some tips on what to look for when choosing an adviser.
If you have any questions or would like to talk to us about how we can help you please email us or call us on (02) 9922 4699.
By Law: The Corporations Act states that as independent advisers we cannot take or keep commissions.
CALL US TODAY ON (02) 9922 4699
