An association you can trust.
Become a Member
There are a vast number of benefits of being a CIFAA member including:
- Distinguish your business as being independent;
- Help promote positive change for consumers in the financial services industry;
- Assist efforts to publicise and recognise the value of independent financial advice; and,
- Enhance the standing of our profession within the community.
Our Objectives
Whilst CIFAA proudly exists to support and assist our members, we have a number of aims which relate to improving outcomes for consumers and benefitting the community more broadly.
We seek to:
- Raise Public awareness of the benefits of independent financial advice.
- Promote the value of independent advice to financial planners and students contemplating a career in financial planning.
- Contribute to the development of public policy on matters dealing with all aspects of Australians’ financial wellbeing.
- Promote the interests of independent financial advisers.
Membership Requirements
Membership is only available to those individuals who satisfy S923(a) of the Corporations Act 2001 and currently issue an FSG to that effect.
To be admitted as a CIFAA Practising Member, an adviser must satisfy criteria as listed.
Membership is only available to professional independent financial planning practitioners and there is no membership category for product or service providers.
Associate memberships will be available to retired members and those undertaking studies to become a full member.
For more information about becoming a practicing member of CIFAA please email info@cifaa.asn.au
1. The member is not permitted to have any ownership links, organisational ties or affiliations with financial product providers.
To be free from conflict, or the perception of a conflict, advisers shouldn’t be aligned with any financial institution. Independent advisers are free to recommend the best products for their clients regardless of the provider or institution.
2. Not accept commissions or volume based payments related to the placement of a financial product.
Receipts of commission by advisers for lodgement of financial products creates a conflict of interest. Regardless of how well-intentioned or honest a financial adviser may be, if they have an incentive to direct clients to a certain product, investment or insurance policy, their independence is compromised as they may be perceived to be acting in their own best interests and not those of their clients.
3. Not receive any other gift or remuneration that may reasonably be expected to influence the advice provided.
Members of CIFAA must not accept any benefit that may influience the advice they provide. If an adviser is charging asset based fees they must be confident that the way they are charging will not influence the advice they are providing.
Membership is only available to professional independent financial planning practitioners and there is no membership category for product or service providers.
Associate memberships will be available to retired members and those undertaking studies to become a full member.
Are you a nearly independent advisor?
Many Australian advisers possess a strong independent spirit but may not meet the criteria outlined in Div293(a) of the Corps Act. Consequently, they cannot officially label themselves as independent.
CIFAA is dedicated to supporting advisers in transitioning their businesses to an independent model. This shift benefits individual advisers by making their practices easier to manage. Moreover, it contributes to the overall advancement of the advisory community as we strive towards professionalisation.
To facilitate this transition, CIFAA has introduced the Independent Advice Mentoring Program. Our aim is to assist you in navigating the complexities involved in transforming your business into a Certified Independent Firm.We can help answer tricky questions like:
- Should I set up my own AFSL or move to an independent dealergroup?
- How do I move to a fixed fee model?
- How can I transition away from my legacy risk book?
Whether you’re a newcomer to the industry or a seasoned advisor, we encourage you to get in touch. Schedule an online meeting by clicking the button below.
Other Important Information About CIFAA
This association has been recently formed (2022) and is operated by its members for the benefit of its members and the broader Australian community.
There are no commercial arrangements of any sort with any director or member.
Whilst this association is still in its infancy, we have a number of short term, specific objectives which include:
- Recognition by ASIC as an approved member association.
- Formation of regional member groups to facilitate the sharing of knowledge, ideas, concerns and commentary on issues affecting the association and clients.
- Class order relief from specific SOA obligations that deal with conflicts and disclosure (given that by virtue of independence, we are prohibited from having conflicts).
- Negotiated PI arrangements for CIFAA members on the back of scale and the removal of product-based conflicts.
Formation of various volunteer committees to expand the association into the provision of:
- Development of public policy on matters dealing with all aspects of Australian’s financial wellbeing.
- Marketing campaign to promote CIFAA members to the general public including; direct editorial contact with national broadcasters and daily newspapers, public policy positions on matters of consumer importance, advertising.
- Australian Qualifications Framework certified education programs to meet CPD and other requirements.
- Promotion of the association to undergraduate students contemplating a career in financial planning.
- Professional standards and disciplinary functions.
