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
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
