Is Your “Independent” Financial Adviser Genuinely Independent? (A Newcastle Review)
Most people assume financial advice is independent by nature. The reality is very different.
When someone searches “independent financial advice in Newcastle,” they expect to find a list of genuinely unbiased advisers. What they often encounter instead is confident marketing language applied to a strict legal definition that very few local businesses actually meet.
After reviewing adviser websites, public disclosures, and multiple Financial Services Guides (FSGs), a clear, and confronting, picture emerges:
Genuine independent financial advice is exceptionally rare in the Newcastle and Lake Macquarie region.
This article explains what independence really means under Australian law, why it is so difficult to achieve in practice, how respected consumer advocates think about independence, and how you can verify it for yourself.
What does “Independent” actually mean in Australia?
In Australia, independent is not a marketing label, it is a protected legal definition.
Under Section 923A of the Corporations Act, a financial adviser cannot legally describe themselves as independent, impartial, or unbiased if they:
Receive any commissions, including upfront or ongoing life insurance commissions
Receive volume‑based payments from product providers
Receive benefits or non‑monetary incentives from financial product issuers
Are influenced by ownership or control by a bank, insurer, or other product issuer
Many advice firms instead use terms such as:
“Fee‑for‑service”
“Independently owned”
“Privately owned”
“Non‑aligned”
These descriptions may accurately reflect business ownership, but they do not automatically mean the financial adviser is legally independent.
The only document that provides a definitive answer is the Financial Services Guide (FSG). If a firm does not meet the Section 923A standard, the FSG must include a disclosure along the lines of:
“We are not independent, impartial or unbiased because …”
Why Consumer Advocates Emphasise Independence
Two of Australia’s most trusted consumer voices, Scott Pape and Bec Wilson, are vocal advocates for conflict‑free advice.
Scott Pape – The Barefoot Investor
Pape consistently warns that if an adviser receives commissions or percentage-based revenue, a structural conflict exists, regardless of their intentions. His advice is simple:
Choose advisers who are paid only by you, and not by the products they recommend.
Bec Wilson – Epic Retirement
Wilson highlights that pre‑retirement and retirement decisions require strategic thinking, not product sales. Her message:
The best retirement advice is product‑agnostic, conflict‑free, and strategy‑first.
Both critics point toward flat‑fee–only advice as the safest model for avoiding hidden incentives. Independent filters used by consumer advocates
Because the legal definition of independence is so strict, consumer advocates often encourage using third‑party screens to help narrow the field.
These tools do not replace reading an adviser’s Financial Services Guide—but they can help identify advisers who publicly commit to unconflicted advice models.
Independent Filters Consumers Can Use
To help Australians navigate the crowded advice landscape, two well‑regarded consumer bodies provide useful filters:
SuperGuide Independent Adviser List
SuperGuide is a respected Australian retirement resource that maintains a list of advisers who publicly state they operate on a flat‑fee, commission‑free basis, consistent with Section 923A.
Their data shows that well under 1% of advisers operate in this way.
ADF Financial Services Consumer Centre
The ADF FSCC runs a referral program where advisers must declare they receive no commissions or remuneration‑based conflicts.
Even if you’re not connected to Defence, it’s a powerful benchmark.
Note: Inclusion in these lists is based on adviser declarations, the FSG remains the legal authority.
What we found when reviewing Newcastle advisers
A number of well‑known financial advice firms commonly mentioned in Newcastle searches and recommendations were reviewed.
Despite strong professional reputations, most did not meet the legal independence definition once their FSGs and licensing arrangements were examined.
Common reasons firms did not qualify as independent
Acceptance of insurance commissions (upfront and/or ongoing)
Operating under licensees that receive commissions, even where individual advisers state they do not personally accept them
Commercial arrangements linked to managed portfolios, model portfolios, or platform‑based investment solutions
Mortgage broking or other commission‑based services offered within the same business
This is not misconduct, it is lawful and properly disclosed—but it does mean those firms cannot accurately describe their advice as independent under the Act.
The key finding: Independence is rare locally
Based on publicly available disclosures and current FSGs, only two businesses with a physical presence in or immediately adjacent to Newcastle appear to meet the strict Section 923A independence standard.
✅ Confirmed independent (based on public disclosures)
Finspire Advisers
Eleebana (Lake Macquarie)
Advice provided on a pure fee‑for‑service basis
No commissions, including insurance commissions
No product‑issuer ownership or influence
Clear independence disclosures
Braeside Wealth
Newcastle West
States 100% independence
Holds its own AFSL
Declares no commissions or product kickbacks
Firms meeting this standard form a very small minority—estimated at less than 2% of advisers nationally.
❌ Not independent (based on FSG disclosures)
Several other Newcastle and Hunter firms—despite offering professional advice, were not independent under the legal definition, typically due to insurance commissions, licensing structures, or other disclosed remuneration arrangements.
These firms may still provide appropriate advice, but they do not meet the Section 923A test for independence.
How Much Does Independent Financial Advice Cost?
Many people search:
“How much does a financial adviser cost in Australia?”
The answer depends heavily on the adviser’s business model.
Below is a clear, real‑world example.
How the Finspire Advice Fee Works
To provide complete transparency, Finspire Advisers charges a single advice fee that covers everything over a 12‑month period.
There are:
No commissions
No percentage‑based fees
No product payments
No increases just because investments grow
Professional fee disclosure
Finspire Advisers’ annual advice fee starts from $4,400 for a single person and from $5,500 for a couple, with the final fee depending on the complexity of their situation and their advice needs.
What the single 12‑month fee covers
Appointments (in‑person or online)
Phone calls and emails throughout the year
Collection and review of documents and data
Research and analysis tailored to the client
Consideration of different options and strategies
A holistic and personalised financial plan
Implementation support
Ongoing monitoring and adjustments for 12 months
What it does NOT include
Hidden commissions
Percentage fees
Platform or product incentives
If additional work is needed later, it is agreed upfront, avoiding surprises.
How This Compares to Non‑Independent Advice Models
Many non‑independent advisers use a multi‑layered fee model:
Initial advice fee
Ongoing percentage fee (typically 0.8%–1.3% p.a.)
Platform fees
Investment management fees
Insurance commissions (not invoiced directly)
This usually means:
Costs rise automatically as your investments grow
Total fees can be hard to calculate
You may not see every component unless you add them up manually
A simple question can reveal everything:
“If my investments double, does your fee also increase?”
Why Independence matters - Especially if your 50’s
Independence fundamentally changes the advice relationship.
A genuine independent adviser:
Is paid only by the client
Has no financial incentive tied to product recommendations
Can advise not to invest, insure, or restructure when that is in the client’s best interest
Can assess multiple strategies without commercial pressure from a licensee or product provider
For many clients—particularly those approaching or in retirement—this removes a layer of conflict that is often invisible.
How to Verify Independence yourself
If you are seeking financial advice in Newcastle or Lake Macquarie, these steps help you move beyond marketing language:
Read the Financial Services Guide (FSG)
This is the single most important document.Look for the mandatory disclosure
Search for wording such as:
“We are not independent, impartial or unbiased because …”Ask direct questions
Do you or your licensee receive any commissions or non‑monetary benefits?
Are you restricted to an Approved Product List (APL)?
Would your advice change if I chose debt reduction or holding cash over investing?
Use independent screens as a sense‑check
Consumer‑focused directories and referral programs, such as SuperGuide and the ADF Financial Services Consumer Centre, often prioritise advisers who publicly state they operate on a flat‑fee, commission‑free basis.
These tools can help narrow your search, but should always be supported by reviewing the adviser’s FSG.
The takeaway
Newcastle has many skilled and capable financial advisers, but genuinely independent financial advice is extremely rare.
The key is understanding HOW YOUR ADVISER IS PAID.
When the fee is fixed, transparent, and paid only by the client, the advice becomes clearer, simpler, and more aligned to your goals.
Finspire Advisers……………No Commissions, No Hidden Fees, No Pressure
Disclaimer:
This article is based on publicly available information and current Financial Services Guides as at January 2026. Business structures, remuneration models, and disclosures may change. Consumers should always request and review a current FSG before engaging an adviser.