What price advice?
Despite tougher rules for financial advisers, the old ways die hard, reports John Collett.

A matter of interest
As tough investment markets show no sign of turning around, consumers are beginning to question the quality of financial advice. In whose interests are planners working? John Collett reports.

In the hot seat
Advice be damned
Something so wrong

How to find a financial adviser?

Ask friends and relatives. It's hard to beat word of mouth. Check qualifications. It's your money, so feel free to ask dumb, or rude, questions. Don't go by the framed certificate hanging on the wall. Check the demographic. Advisers tend to specialise, so you want somebody on the same wavelength as you. Ask about fees. Advisers will be paid by you, or by the fund producer of the product you've just been sold. Some mix the two together, making it hard to see whether you're getting unbiased advice. Check whether the adviser is a member of professional groups such as the Financial Planning Association. Make sure you feel comfortable with the adviser. At the end of theday your money is your responsibility. If you weren't given an advisory services guide, walk. All advisers must compile one and give it to prospective clients. David Potts, Sun-Herald

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Does your financial adviser have only your interests at heart?

As long as planners are paid by fund managers through upfront commissions and trailers, planners' interests and those of their clients are "diametrically opposed", says Austin Donnelly, veteran financial planner and author of 50 books. Consequently, the nagging question remains: is the adviser recommending their selection of products on the basis of merit, or because of higher commissions or incentives paid by the fund manager to the planner to recommend its products? For that reason investors should ask their adviser who the business is owned by, and whether the planner receives any "bonus" payments for selling the owner's products. John Collet, SMH

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