WHAT IS AN INDEPENDENT FINANCIAL PLANNER?
An Independent Financial Planner does not receive any form of commission or sales incentive's. Similarly if ownership or control exists with a financial product provider, then the term "Independent" cannot be used. There are only a very small number of Financial Planners in Australia who meet the definition of independent. Only financial planners who can meet a rigorous set of standards set out under Section 923A of the Corporations Act can describe themselves as independent or unbiased.
WHEN TO SEEK FINANCIAL ADVICE?
It is time to seek financial advice from a qualified Financial Planner if you are planning on making significant financial decision's or are wanting to start planning for your retirement. When you make this decision, it is important to use an independent financial planner who does not receive remuneration through commissions for offering you financial products. The Financial Planner you choose should charge on a fee-for-service basis, and not accept product commissions, to ensure you receive the most genuine advice possible with no conflicts of interest in the advice you receive.