Independence in Financial Advice and the Role of GAIA

When choosing a financial advisor, it is not always clear what “independent” means in practice. Advice may appear objective while still being influenced by incentives, commissions, or fee structures that are not immediately visible.

Over time, these structures matter. They influence how advice is framed and what financial decisions are made. For clients, this can create a disconnect between the advice they receive and their actual needs, priorities, and long-term goals.

It was against this backdrop that the Global Association of Independent Advisors (GAIA) emerged.

A Global Network for Independent Advice

GAIA was founded in California in 2014 by a small group of fee-only advisory firms, including Lyra. The ambition was to create an international network for firms committed to operating without commissions, product-driven incentives, or sales-related conflicts of interest.

Since then, GAIA has grown into an established global network where member firms continuously exchange knowledge, research, and experience to strengthen the standards of independent financial advice internationally.

Shared Principles and Fiduciary Standards

GAIA member firms share a common belief that transparency and openness should form the foundation of financial advice, and that clients’ interests can only truly come first when advice is free from competing interests.

All GAIA member firms are certified by CEFEX, which independently assesses that a firm's structures and practices meet the Global Standard of Fiduciary Excellence. To date, only 127 firms globally have achieved this certification, and Lyra is one of only two certified firms in the Nordic region.

What Independence Means for Clients

For Lyra, being independent means that our advice is focused solely on the client’s specific needs and is never influenced by hidden incentives. This provides a foundation for decision-making where the client's interests remain our only priority.

As the only Swedish member of GAIA, Lyra also gains access to an international network of independent advisors, allowing us to continuously exchange perspectives, strengthen our advisory approach, and draw insight from global research and established best practice.

Lyra’s Role in Advancing Independent Advice

Lyra has been involved in GAIA since its founding and continues to contribute through long-term collaboration and active engagement. As part of this work, Lyra’s CEO, Sara Kamal, serves as Vice Chair of GAIA’s Executive Committee, shaping the organisation's strategic direction and governance.

This involvement reflects our belief that financial advice should be independent by design, transparent in practice, and centred on clients’ long-term interests. For us, that is the difference between advice that claims to be independent and advice that truly is.