Many people would regard APT Strategy as being independent because it:

  • holds its own Australian Financial Sevices Licence;
  • is 100% owned and controlled by Paul Gerrard and his family;
  • is not associated with any bank, insurance company, or investment manager;
  • is willing to work on a pure “fee for service” basis;
  • has no in-house products; and
  • does not receive any kick-backs, or “support” from financial product manufacturers other than commissions that have been disclosed to clients.

However, there is a law which restricts APT Strategy from using the word “independent” or any other word that would set APT Strategy apart from a financial planning company that operates under a bank, insurance company, or fund manager for so long as APT Strategy continues to receive even 1 cent of commission in respect of any client.

The extent of this restriction is demonstrated by section 923A(5) of the Corporations Act 2001 which states:

“In this section:
(a) a reference to a restricted word or expression is a reference to:
(i) the word independent, impartial or unbiased; or
(ii) any other word or expression specified in the regulations as a restricted word or expression for the purposes of this section; or
(iii) any other word or expression (whether or not in English) that is of like import to a word or expression covered by any of the previous subparagraphs; and
(b) a reference to a word or expression being assumed or used includes a reference to the word or expression being assumed or used:
(i) as part of another word or expression; or
(ii) in combination with other words, letters or other symbols.”

APT Strategy Pty Ltd, 11 Layton St, Fulham SA 5024 - ABN 81 058 368 362 - AFS Licence 226898