Natasha Bax-Vitacca
Head of Risk & Compliance | Company Secretary
Independence in Advice – And Why It Matters for Your Goals
13 Jan 2026
Independence in financial advice isn’t a slogan or a positioning line. It’s a commitment, one that requires structure, restraint and accountability.
At its simplest, independence means your adviser is not influenced by product commissions, sales targets or third-party incentives. At Hewison Private Wealth, being commission-free allows us to select investments based on merit alone — not on who pays the highest fee.
But true independence is not just about freedom. It comes with responsibility.
What does “independent” really mean?
In Australia, “Independent” is a restricted term, and rightly so. To use it, firms must meet strict criteria, including being free from
– Commissions, apart from any insurance commissions that are rebated in full.
– Volume-based remuneration, where payments increase based on the amount of business placed with a product provider
– Ownership or control by financial institutions, platforms or product issuers
– Conflicts or incentives that could reasonably influence advice, including gifts or benefits from product providers
Independence also demands strong governance, risk and compliance frameworks to ensure advice is delivered with discipline, transparency and consistency over time.
Why commission-free advice matters
Truly open choice
Without commissions or embedded incentives, advisers can recommend solutions that genuinely suit your goals and risk profile — whether that’s direct equities, unlisted trusts, tailored fixed income or other strategies. Advice is driven by suitability, not sales pressure.
Clearer cost transparency
Commission-free models make fees explicit and easy to understand. You know what you are paying for advice and portfolio management, with no hidden offsets or indirect costs clouding the picture.
Aligned incentives
When advisers are paid by clients (not product providers) their incentives align with long-term outcomes: sustainable growth, protection and tax efficiency, rather than short-term product placement.
Why independence demands discipline
Freedom of choice is powerful, but without structure, it can introduce inconsistency or bias. Independent firms must therefore apply stronger internal controls to protect client outcomes.
A broader investment universe requires tighter oversight
Access to a wide range of investments, including direct and unlisted assets, increases complexity. Governance frameworks ensure every option is assessed against documented criteria; liquidity, suitability, cost and risk, before it is recommended.
No external product gatekeeper means internal rigour must be higher
Vertically integrated firms rely on product owners to act as filters. Independent firms must replace that with robust internal systems: conflicts-of-interest frameworks, adviser training, investment committees and detailed decision records.
Transparency safeguards trust
Clear documentation, ongoing review and disciplined disclosure ensure clients understand why advice is given and how it is performing. This helps prevent drift from agreed objectives and enables swift action if circumstances change.
How Hewison turns independence into a disciplined advantage
Investment governance
Written investment policies, active investment committee oversight and regular portfolio reviews ensure every recommendation remains appropriate over time.
Risk and compliance oversight
Strong conflicts policies, monitoring, audits, adviser training and quality-assurance checks help maintain consistency and protect advice integrity.
Client-facing clarity
Transparent and clearly articulated fees, suitability assessments and structured reviews ensure clients remain informed, confident and in control.
Our conflicts-of-interest stance — and why it matters
Commission-free by policy
Hewison does not accept commissions or trailing payments from product providers. This removes a significant source of potential bias and keeps advice focused squarely on client needs.
Client-aligned adviser remuneration
Adviser incentives are linked to advice quality, compliance with process and client outcomes and not product sales volumes. Performance measures include compliance standards and client satisfaction.
Independent oversight
With independent directors on our Board and formal governance oversight through our Company Secretary, any material decisions or potential conflicts are escalated and reviewed at Board level to ensure impartiality is maintained.
Independence, done properly
At Hewison Private Wealth, commission-free advice is not simply about choice.
It is about discipline, the systems, governance and accountability required to ensure every decision serves your long-term goals.