Consumer finds financial advice sorely lacking

Consumer New Zealand this week released the findings of their mystery shoppers sent out to gather advice on investment and pre-retirement plans. The advice was referred to an expert review panel which failed all but three of the advisers.
Consumer New Zealand chief executive Sue Chetwin told Radio New Zealand that commission incentives were the reason why many of the advisers pushed particular products, and she he is calling for a complete ban on such payments. She said that the advice was “scandalously poor” and that more Government regulation was needed of the finance industry.
The panel rejected as inadequate plans proposed by many major firms, including Westpac Bank, AMP, Money Managers and Rutherford Rede.


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