The Independent Financial Advisers Association of Australia (IFAAA) has attracted around 20 members since its launch on 12 February this year and aims to grow that number to 50 by the end of June, IFAAA managing director Daniel Brammall has said.
"The IFAAA wants to differentiate itself from other industry associations by having a membership made up of only truly independent advisers and industry associates," Brammall told InvestorDaily.
IFAAA members need to adhere to three principles whereby they are not to be owned by, linked to, or affiliated with any product manufacturers, are not to accept commissions, and are not to accept any asset-based fees.
"These are the guidelines that constitute conflict free advice and we want our logo to represent that and be like an industry seal of approval for consumers," Brammall said.
He said the IFAAA's main goal was not to compete with existing associations.
"We'd be more than happy if other associations chose to adopt our gold standard principles," he said.
Brammall and his Brocktons Independent Advisory co-director Susannah Kulincevic also noted that operating a profitable practice under these standards was possible, as they had done it.
"It might not be a pain free transition, but it is a doable one," he said.
Kulincevic has also joined Brammall on the board as IFAAA director, while Chamberlains Law Firm partner Scott Chamberlain has been appointed chair.
The IFAAA will launch its website and further information around 19 March, Brammall said.
