Summary
Today on the podcast, we have Andy Darroch, an Independent Financial Adviser and Director of Independent Wealth Advice.
Andy is one of the very few truly independent advisers in Australia—less than 1% fall into that category. After time at Macquarie, Wilson HTM, and Deloitte, he started his own firm to offer advice free from commissions, kickbacks, and product pushing. He charges a flat fee, publishes his prices online, and believes advice should work like any other profession—you pay for it when you need it.
In this episode, we discuss:
- Why independent advisers are so rare (00:04:30)
- Myths around financial advice (00:05:05)
- What good advice looks like when it’s actually designed to help you (00:27:51)
- Whether the current model is working, and how to fix it (00:45:55)
- The biggest mistakes the FIRE community makes (01:21:30)
Links
- Website – Independent Wealth Advice
- Website – The Honest Advisor
Enjoyed this pod, refreshing with a different perspective than most. Andy made a lot of sense. I did have some heart palpitations when he spoke about WRAP accounts, I opened one through an advisor last week.
Thnaks Wayne. I’ve heard nothing but bad things from wrap accounts. You might want to get that checked out asap.
Do you have a list of industry funds with no ongoing fees? I’m with aware super.
I really resonated with what Andy was saying until he faded AI, now I can’t take him seriously đŸ˜‚
Great podcast. Slightly worried about his views on SMSFs with ETFs as I opened one last year for the exact reason he said is bullshit. I did try to actually run the numbers myself comparing date by date my funds index option vs a matched Dhhf fund and found the ETF came out about annual 0.5% better over 5 years.
I’ve looked for the blog post he mentioned about “debunking” it but can’t find it.
Was also interested in his thoughts on investing in airports etc. Not something I’d ever considered, but good advice
i too went looking, search the honest advisor on apple podcasts, should be the first things that pops up
This is actually an awful take on the advice industry. Andy Darroch is known for giving very simple, cheap advice which fits his business model, but he’s just downright incorrect and wrong about so many topics in this podcast.
“This is actually an awful take on the advice industry” You wouldn’t be a financial advisor by any chance? I thought his take on the advice industry was spot on and pretty much common knowledge.
“he’s just downright incorrect and wrong about so many topics in this podcast” such as what?