Fincial advice firms will be either licensed by a corporate group (e.g., a financial institution) or "Self-licensed" (holding their own ASFL). There are plenty of excellent advice firms in both camps. What are the benefits of going with a fiduciary advisor like us?
More support: Our practice has support from our compliance team and our community of other fiduciary financial advisors, making it easier to navigate the complex financial planning landscape and get the most suitable financial advice.
Increased protection: A corporate ASFL provides more robust protection for clients in case of the financial planner's death, incapacity, or bankruptcy. Because the client's money is held in trust by the company, and the company is legally separate from the financial planner.
Stability & Continuity: A corporate ASFL can provide greater stability for clients, as it is more difficult for the company to go out of business than it is for an individual financial planner. Also, the company has a board of directors and other corporate governance structures to oversee its operations.
Potentially Lower Costs: Self-licensing can be more expensive than being an authorised representative of a dealer group due to the initial costs of setting up and running the AFSL and ongoing compliance costs. This means we can pass those savings on to our clients.
Ultimately, whether to use a fiduciary advisor operating under a corporate ASFL is a personal decision. You should weigh the benefits and drawbacks carefully before making a decision.
Any questions? Feel free to book a 15 minutes free call to discuss further here.
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