Tupicoffs declared fully independent
Brisbane-based financial planning practice Tupicoffs has become one of the few Australian planning firms to sign a Declaration of Independence, proclaiming it free of all ownership links and affiliations.
Tupicoffs was initially linked to National Mutual and AXA, but cut ties in 2006 and underwent a period of transformation to meet the Corporations Act’s independence criteria.
“As a long standing fee-for-service practice striving to make a meaningful positive difference, we owed it to the Australian public to do what was necessary to meet the definition of independent under the Corporations Act,” managing director, Neil Kendall, said.
“Being independent means we have no ownership links or affiliations with product manufacturers and don’t receive commissions or incentive payments from product providers. We believe this is the future for financial planning in Australia.
“I hope the transition of Tupicoffs to an independent financial planning practice encourages other financial planners to make the journey to independence themselves,” he added.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
