Member org set up to promote advice benefits
A new member organisation has been formed, established by three former directors of the Profession of Independent Financial Advisers (PIFA).
The Certified Independent Financial Advisers Association (CIFAA) was established by directors who had concerns over PIFA’s management.
The founding directors include two Perth-based advisers and one based in Victoria.
“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,” said Christopher Young, inaugural CIFAA President.
“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.”
Associate membership was restricted to retired CIFAA members and students or provisional providers undertaking their Professional Year.
It said the organisation would be actively engaging with education institutions to promote independent financial planning as a profession and planned to promote the consumer benefits of advice.
“While we won’t ignore the importance on engaging with the Government about industry issues, the focus will be on the consumer and our role as professionals, supporting the Australian public and their lives,” said Young.
The membership fee was currently $500 but Young said this may rise in the future once the organisation was more established.
AUTHOR
Laura Dew
Recommended for you
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
ASIC wants to expand proceedings against Equity Trustees to seek compensation for members following Macquarie’s agreement to pay $321 million over Shield failings.
