The Certified Independent Financial Advisers Association (CIFAA) has been unveiled in Australia, reports our sister publication, International Adviser.
The member association has been founded by Perth-based financial advisers Christopher Young and Berivan Dubier and Victoria-based adviser Nick Bruining, according to local publication IFA.
All three used to work as directors at the Profession of Independent Financial Advisers, which promotes independent financial advice in the country.
“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 Young, who has taken on the role of 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 financial services guides (FSGs). We’re only interested in established advisers with a clean history.”
Associate membership will be restricted to retired CIFAA members and students or provisional providers undertaking their professional year.
The association will actively engage with education institutions and government to promote independent financial planning as a profession as well as the benefits of financial advice for consumers.
Membership fee is set at A$500 ($354), but Young said the sum could rise in the future as the CIFAA becomes more established.