Fee-based financial advice is administrated by professionals who are not part of a company. They act as independent contractors for individuals who need help with monetary matters. Whilst they are considered freelancers, those in the industry are required to be registered with the Independent Financial Advisers Association of Australia.
The main difference between firms and independent contractors is that they keep the client’s best interests in mind. At the most basic level, they are fiduciaries. When institutions represent individuals, they’re obligated to do what’s best for their company. Independents do not have this problem, as there is no conflict of interest.
The Australian Securities and Investments Commission (ASIC) regulates all professionals in this field. They are required to complete training standards, as set by the regulatory guide. Service providers do not need any educational requirements. However, the minimum requirements set by the ASIC equates to a diploma-level certification. This entitles candidates to a Diploma of Financial Planning.
What They Can Do
Fee-based financial advisors help individuals regarding all monetary matters. They offer a broad range of services regarding:
- Loans – Regardless of what kind of loan you’re looking for, professionals in this field can help make the process easier. They can also give you better interest rates and payment plans. They can negotiate with lenders to cater the loan to your needs.
One advantage of hiring a contractor is that they are not required to push certain loans to clients. Some firms may have tie-ups with banks. They are obligated to sell certain packages, regardless of the client. Independents do not have that problem.
- Investment – Everyone wants to invest their money into something worthwhile. These professionals can help you find the best opportunities for your needs. Fee-based financial advisors can advise you on the best types of investments for your income level and goals. And the best part? You’re sure that they have your best interests in mind.
Through Pyrmont Wealth Management, you can get the best fee based financial advice. Visit their website today!