FYG Planners would like to congratulate Fowlers Group of Cairns and Mancell Financial Group of Burnie, for their contributions to the formation of the Global Association of Independent Advisers (GAIA).
GAIA was formed in 2014 to bring together an international network of privately owned, investment advisory firms who have an overriding commitment to fiduciary excellence and always put their clients’ interests first.
Founder of Mancell Financial Group and Managing Director of FYG Planners, Peter Mancell was appointed Chairman (President) of GAIA in October 2014, highlighting FYG Planners’ commitment to raising fiduciary standards and providing a client first objective of financial service.
“GAIA has a strong belief in linking like-minded professionals across the globe who engage in the best financial practices for the benefit of their clients.” Mr Mancell said.
“An association like GAIA reassures existing clients, while helping potential clients identify the wealth management firms who are true fiduciaries and acting in their best interests, it’s something we strongly believe in at FYG Planners, so firms collaborating globally means further clarity of member firms’ standards.”
The Global Association of Independent Advisers fiduciary standards rise well above the limited reporting requirements governing today’s investment management industry. GAIA standards encompass all aspects of client relationships from the development of their financial and investment plans and written investment policy statements, to review and evaluation of investment portfolios. This includes the ongoing guidance and monitoring of each step of the client’s financial journey.
The Center for Fiduciary Excellence (CEFEX) serves as an independent auditor to verify that an investment advisory firm conforms to all practices and criteria that comprise the Global Standard of Fiduciary Excellence.
To date, less than 100 firms across the globe have achieved this designation. Every GAIA member firm is required to obtain and maintain CEFEX certification, and at least one individual at each firm must be certified as an accredited investment fiduciary (AIF).
Headquartered in Geneva Switzerland, GAIA currently has 12 member firms across Australia & New Zealand, Europe & the United Kingdom and North America, with a significant number of member firms having provided advice to clients for over 30 years.
With more Global Association of Independent Advisers certifications to come in existing regions, clients in South America and Asia can also look forward to certified firms becoming available in the future.
“There’s a great interest in certification because acting as a fiduciary is the future of financial advice and wealth management.” Mr Mancell said.
“Our firms have known this for a long term, we’ve preached it, and clients are beginning to realise the significant difference in their financial outcomes when an adviser puts their needs first.”
GAIA Members in 2015