The Australian Oxford Dictionary defines independent as “not depending on authority or control” but when it comes to financial planning, it appears the understanding of the word is a little murkier.

Just because a financial planning practice has a different name doesn't mean it isn't affiliated with a larger group. A recent survey by Roy Morgan Research found many users of financial planners for superannuation advice believed they were independent when they were actually tied.

As many as 28 per cent of AMP Group financial planning clients thought they were independent and 48 per cent of Hillross (AMP-owned) users thought the same of their advisers. The other big six financial planning brands – NAB/MLC Group, CBA Group, AXA Group, ING/ANZ Group and Westpac Group – all showed similar trends.

The biggest discrepancy was with Financial Wisdom (owned by CBA), where 61 per cent believed their planner was independent versus 36 per cent who understood them to be affiliated.

Roy Morgan has been conducting the survey for three years and notes little change in trends in that time.

It is difficult for a financial planning group to be entirely independent – the Australian Securities and Investments Commission defines independent as not taking any commission at all – but, as the researcher notes, it is important a client understands the source of the advice.

This will be disclosed in a statement of advice but not all clients read it.

“Clients would like to think that planners had their best interest at heart by being able to pick the most suitable product in the market for their particular needs rather than being restricted or biased towards their own products,” the research report states.

And therein lies the problem. Whether by design or because of a limited product list, the research shows the big six planning groups are placing an average 73 per cent of their clients' super products with their own company. That may be the best product for some but it's hardly likely it's the best product for that many of them – or the 82 per cent of clients one group is responsible for pushing its own way.