Member org set up to promote advice benefits

fees PIFA cifaa

3 June 2022
| By Laura Dew |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 3 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week 2 days ago

The Federal Court has given a verdict on ASIC’s case against Dixon Advisory director Paul Ryan which had alleged he breached his director duties....

1 week 1 day ago