Aussie Firebug 94. Andy Darroch - Independent financial advice
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Aug 3, 2025 Andy Darroch, an Independent Financial Advisor and Director of Independent Wealth Advice, discusses the importance of ethical financial advising in Australia. He sheds light on why independent advisers are scarce, addressing misconceptions in the FIRE community about financial advice. Andy highlights the value of transparent, client-focused guidance versus traditional commission-based models. He critiques the industry's challenges and advocates for reform to enhance access and education, promoting a more responsible approach to financial wellness.
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From Big Banks To Independent Practice
- Andy Darroch worked at Macquarie, Wilson HTM and Deloitte before founding his firm.
- He left to offer unbiased, flat-fee, no-commission advice in 2021.
Prefer Industry Super And Low-Cost ETFs
- Choose industry super and low-cost ETFs as your default and avoid ongoing adviser fees.
- Set up a simple, 'set-and-forget' portfolio and avoid expensive managed wrap structures.
Advice Industry Often Acts Like Sales
- Andy Darroch argues the advice industry routinely sells products instead of giving real guidance.
- He bluntly describes the sector as mostly sales with very little true advice.