Having experienced both a tied agency environment as well as an Independent one, I can proclaim that the Independent distribution model is still the best for clients. As I have read in an online forum, “all good financial advisers are IFA”, which reflects my sentiments. The person who wrote this line also quickly followed up in the same sentence – ” but not all IFA are good financial advisers”.
This cannot be further away from the truth.
One would be hasty to conclude that his adviser is a good one just because he is Independent. On the same online forum, I recently discovered that even an IFA representative does not even know the difference between a rider that pays a Total and Permanent Disability (TPD) benefit from Disability Income Insurance!
Such a mistake is easily made by a layperson. This is perfectly understandable as the terms may seem confusing. For ......