The Association of Independently-Owned Financial Planners has changed its name to the Independent AdviceAssociation (IAA) with immediate effect.
The new name, which was announced during the association’s conference in Macau last week, ties in with its recently branded website, independentadvice.com.
Executive director Peter Johnston said the new name “should provide a very powerful message to clients, particularly new ones coming through the door” of member practices and dealer groups.
He said some members have asked about the legal aspect of using the term ‘independent advice’, but they were reassured of its legality in correspondence from both the Australian Securities and Investments Commission (ASIC) and IAA lawyers.
Because the IAA does not operate an Australian Financial Services Licence (AFSL), we do not come under Financial Services Reform or ASIC’s jurisdiction, he said.
“Therefore, as long as we do not give financial advice on our website or with any advertising or marketing, we are within all legal guidelines.
“We are purely a directory to our members and, as such, members of IAA can freely publicise this fact and put the new name and accompanying logo on all their advertising and marketing [material],” he said.