Some parts of your finances are sufficiently complex, or you might just feel so time-poor, that you would prefer us to just tell you exactly what best to do and to help you do it. In these cases we can provide formal "Financial Advice".
In Australia there are strict rules about what counts as financial advice, who can give it and how it has to be given. The recent Royal Commission into Banking and Financial Services has made it clear that the financial advice industry still has many issues to address in how we give advice. Our approach at Purpose Advisory is to set up our own strict compliance procedures to make sure that you as the client are fully informed about how we develop your advice. We also make sure we are not incentivised to recommend anything other than what is in your best interest. That is why we choose not to take commissions from referral partners or product providers.
For more reading about what you need to know when seeking out financial advice, check out ASIC's Moneysmart website.
Tristan Scifo, Harry Goldberg and Purpose Advisory Pty Ltd are all licensed to offer financial advice in Australia through a non-bank-aligned licensing company called AVALONfs. Avalon supports a well-connected community of 50 advice practices who support one another in our quest to serve our clients. Avalon holds their Australian Financial Services License (AFSL) directly with ASIC (the financial planning regulator) and we are Authorised Representative under this license. This means that whenever we give advice, it is actually Avalon who is giving the advice, and we are acting as for you as their representative.
We choose to be licensed through AVALONfs because of the quality family-like community of their small group of fellow advisers, and because of the strong emphasis on policy, procedures and compliance which they focus on. In future, it's our objective to acquire our own AFSL so that we'll be licensed directly with ASIC. This will ultimately leave us more responsible and more in control of the services we offer our clients.
Through our licencing arrangement with AVALONfs, we can provide advice in a range of areas, including:
We believe in taking the time to get things right for you the first time. Receiving advice is a process which spans a number of meetings and can last between 2 - 6 weeks: