What we Believe
Australian Advice Network (AAN) is the home of financial advisers who believe in and incorporate these values in all of the financial advice they give.
Our client facing advisers are all qualified, experienced individuals who go through a rigorous educational and mentoring program before they are ever allowed to provide personal advice to our clients.
This program will generally involve a degree qualification, additional qualifications in financial advice and at least three years of mentoring with a senior adviser while attaining their Masters, Certified Financial Planner or Fellow Chartered Financial Practitioner designations.
A fiduciary is a person or institution given the power to act on behalf of another in situations that require trust, honesty and loyalty. Fiduciaries are hired to act in your best interest and must set aside personal motives and place your interests ahead of their own.
Common fiduciaries include attorneys, accountants, business advisers, financial advisers, real estate agents acting on your behalf (not an agent acting on another’s behalf), estate administrators, guardians, title companies, and trustees of a trust.
It is incumbent on a fiduciary to always put your interests ahead of their own and that is what we expect from our advisers.
Advice that places the clients interest first.
It is very hard to remove all and any conflicts however AAN works to remove or manage conflicts to the point where if there is a conflict, it is to the client’s, not the advisers, advantage.
How do we do this?
AAN is non institutionally owned.
We do however recognise that we can improve the service level for our clients by placing larger volumes with a smaller number of quality providers and that these providers can provide financial incentives because of that volume.
Where possible, AAN, rather than keeping these incentives, negotiates with the underlying product providers to reduce the fees charged to our clients in both fund administration and investment management.
Practices and advisers with AAN fully disclose any and all fees and charges for the advice they are providing which are agreed by you and signed off by you and that is the only fees we receive.
Not owned by a product provider or institution.
By their very nature and being bound by Australia’s Corporations Laws, institutions work first and foremost for their shareholders.
A shareholders interests may not necessarily be aligned to our clients and in the financial crisis which began on 2007, it can be argued that clients interests were sacrificed to ensure the viability of the institution and its shareholders.
AAN as a licensee is owned by the directors of the underlying practices that make up the licence. These directors are fundamentally aligned to the interests of their clients as they are reliant on your ongoing goodwill to continue to be paid for advice services. There are no external shareholders looking for extraordinary profits from the licence as the profits are made at the practice level with the licence purely being funded to meet all of its financial obligations as prescribed by the Australian Securities and Investment Commission (ASIC) who grants AAN the licence.