For too long, small business owners have been taken advantage of by untrustworthy coaches and advisors, only to be sold low-quality or foreign software and products that simply don't work in Australia. Fortunately, the Business Advice Agency is "leading the charge" to change this by introducing compliance, regulation, and standards to the coaching and business support industry, making it a trustworthy and valuable space with greater accountability.    

At the Business Advice Agency, we hold ourselves to a high standard of professional conduct. Our "CODE" promotes ethical behaviour and encourages all staff and associates to always do the right thing. We believe in the following six key principles: honesty, integrity, loyalty, respect, accountability, and a commitment to excellence. These values guide our actions and help us ensure that we consistently provide high-quality services to our clients.  

Unlike most other industries, the business advice industry in Australia is not regulated. This means that anyone can give advice to business owners on how to improve their businesses, regardless of whether they have the necessary qualifications or expertise. Some business coaching businesses in Australia may not have certified business advisors or coaches on staff and may only have undergone in-house training rather than obtaining formal qualifications. This lack of regulation can be harmful to businesses, as they may not be receiving the high-quality advice and guidance they need to succeed. It is important for business owners to do their research and choose a business advice provider that has qualified and experienced professionals on staff.    

We take pride in providing high-quality business advice, relevant tools, downloads and coaching services. Our team of business advisors and coaches are fully certified and qualified through the Institute of Advisors, so you can trust that the guidance you receive is tailored to your specific needs and is in the best interests of your business. We are committed to helping business owners succeed, and our team of experienced professionals are here to provide the support and resources you need to achieve your goals.  

At the Business Advice Agency, we strive to create a safe and welcoming environment for SMEs (small and medium-sized enterprises). We value their business and are committed to providing high-quality economic solutions to meet their needs. Our goal is to help SMEs feel confident and supported as they seek solutions to their business challenges.

The Best Interest Duty as applied to the Finance Industry (And adapting this to the Business Coaching & Advisory Industry)

The best interest duty (BID) is an Australian finance regulation and a legal obligation for financial advisers to act in the best interests of their clients when providing advice on financial products or services. This means that advisers must prioritize their clients' interests above their own and ensure that the advice provided is suitable for the clients' needs and goals. The best interest duty applies to all financial advisers, including mortgage brokers, insurance brokers, and investment advisers, and requires them to:

1. Understand the clients' needs, objectives, and financial situation before providing advice

2. Consider a range of appropriate options and products, and provide unbiased and impartial advice

3. Disclose any conflicts of interest and avoid any self-interested or inappropriate advice

4. Provide ongoing support and advice to clients to help them achieve their financial goals

5. Act with care, diligence, and skill when providing advice to clients

The best interest duty is a key component of the Australian Securities and Investments Commission (ASIC) financial services licensing regime, and breaches of the duty can result in legal action and penalties for financial advisers.

So why don’t other service industries have the same type of regulation? There is absolutely no regulations in the business support and coaching industry to protect small business owners from getting the wrong advice and/or being ripped off.

The Business Advice Agency has been pro-active in bringing regulation and accountability to the Business support and coaching industries and the following regulation (as inspired by the Finance industry’s BID regime) represents our commitment to be a beacon of light in business advice and coaching industry.