Financial advisers are supposed to act in the best interests of their clients. That’s not a vain hope or fluffy belief, it’s enshrined in law. But confidence in financial advisers has been rocked lately by a series of financial scandals and instances of serious misconduct unearthed by the Hayne Royal Commission. Most ... Read more
What makes a financial adviser independent?
Just because a financial planner’s business card doesn’t display the logo of a bank or insurance company doesn’t mean he or she is independent. Five years ago 40,000 people were surveyed by Roy Morgan Research on the perceived independence of their financial planner. It turns out that a disturbing number are totally ... Read more
Financial advice: Only 129 independent financial advisers in Australia
Note: This article is updated regularly when new financial advisers join the independence club (latest update March 2019). A financial adviser does not have to be a member of the IFAAA to join the SuperGuide list, provided they can declare that they satisfy the requirements of being an independent adviser (we now have ... Read more
Royal Commission: 10 recommendations for financial advice
The government today released the Final Report into the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Below are the 10 recommendations concerning financial advice. See also the Royal Commission's 9 recommendations for superannuation. Ongoing fee ... Read more
Seeking financial advice? A 5-step guide to obtaining expert help
After the major shake-up of the super system in July 2017, Australians saving for their retirement, or now in retirement, face a revised set of rules when it comes to their super contributions and super pensions. Unfortunately, the new rules have not made things easier to understand and many of us still need financial ... Read more
Help! How can we find independent financial advice?
Q: My husband and I are looking for help with our retirement planning. We have accumulated a fair amount of super, and we are now looking for assistance on the investment portfolio. We have a share portfolio outside super and so we have some knowledge in the area but do not feel confident to make decisions about our ... Read more
Still wanted: All independent financial advisers in Australia
Nearly a decade ago, SuperGuide embarked on a long and arduous mission. We decided that we wanted to find every independent financial adviser in Australia, and to give these advisers an opportunity to let SuperGuide readers know that they exist. For the past 9 years, we have published a list of ... Read more
How to spot an independent financial adviser
Note: SuperGuide originally published this article about 7 years ago, but the topic remains highly relevant for readers today. We have updated the original article with information on the legal definition of ‘independence’ and the IFAAA’s version of independence. Every week I receive emails from readers searching for ... Read more
Clients come first: Financial advice reform saga continues
In recent months I have kept fairly quiet about the financial advice reforms. Until recently, what more was there to say about a set of rules designed to favour the outdated business models of many financial planning businesses? Note that I am not targeting the advice provided by the firms with these outdated business ... Read more