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An educational website has published a list of Australia’s independent advisers, which numbers a paltry 14.
The list was compiled by financial adviser Matthew Ross, of Roskow Independent Advisory, and published on Superguide.com.au, a website created by author and former superannuation technical adviser Trish Power.
The article points to the formation of a new industry association called the Independent Financial Advisers Association of Australia (IFAAA), naming Canberra-based financial adviser Daniel Brammall as its administrator.
The Superguide website quotes IFAAA material as saying “existing industry associations do not provide genuine independence”, but instead “represent the 85 per cent of financial planners associated with product manufacturers who receive commissions”.
“Not one of the main four planner associations represents the interests of truly independent advisers whose interests are aligned with their clients.”
The list of 14 independent financial advisers is as follows:
- Phillip Thompson, ACT
- Daniel Brammall, ACT
- Fergus Hardingham, NSW
- Chris Browne, NSW
- Kevin Smith, NSW
- Bill Raffle, NSW
- Carolyn Baker, QLD
- Richard Starr, QLD
- Tony Grlj, QLD
- Neil Salkow, QLD
- Matthew Ross, VIC
- Yoni Stein, VIC
- Adrian McMaster, VIC
- Travis Morien, WA
Power said the IFAAA aimed to promote the value of independent advice to consumers, train independent financial advisers, and represent the interests of its members to government.
The article states that for advisers to become a member of the IFAAA, they must meet a number of requirements. They must acknowledge the restricted use of the term ‘independent’ under the Corporations Act, and they must not receive commissions or inducements to recommend financial products to clients.
In particular, advisers must not have in place any fee structure that stipulates the adviser will not be paid unless their client purchases a financial product.
Money Management contacted Brammall and Ross for confirmation of the information contained in the article, but no confirmation had been received at the time of publishing.
Update: Financial adviser Daniel Brammall has confirmed he is the managing director of a new industry association for financial advisers deemed to be independent of financial institutions.
Brammall confirmed the Independent Financial Advisers Association of Australia (IFAAA) had been incorporated as an association in recent weeks and was now courting members.
“The other associations that represent the financial planning fraternity are not particularly representative of the views of genuinely independent advisers,” Brammall said.
He said the IFAAA would promote the need for independent advice, and “educate and support financial advisers who either are independent or want to be able to structure their practice so they can be”.
“It’s difficult in the industry to do that,” Brammall said.
“The industry is not set up to support that kind of ethic — it actually drives against it.”
Brammall said he sees “an increasing drive for impartial advice”, adding that in the past it hadn’t been widely available. He argues the provision of independent financial advice is challenged by the receipt of commissions and asset-based fees, as well as ownerships links between advisers and product manufacturers.
Brammall acknowledged while the list of independent advisers compiled by Matthew Ross (above) is “probably not definitive”, he said it is difficult to find advisers who fit the bill. To be deemed independent by the IFAAA advisers must qualify with section 923A of the Corporations Act.
Brammall is an authorised representative of dealer group Australian Independent Financial Advisers, a company he says has nothing to do with the IFAAA.
