Finance advisers mostly a sales force, report says

An article in the Sydney Morning Herald, Oct 25 2009, warns consumers to ensure they are receiving truely unbiased information.

A report obtained by the Herald shows that despite widespread calls for the industry to reform, financial advisers working for leading fund managers almost invariably advise clients to invest in their parent company's superannuation products.

For the industry's critics, the report demonstrates that the bulk of the financial planning industry acts as little more than a thinly disguised sales force for the wealth management companies and big banks that employ them.

For the complete article please go to http://www.smh.com.au/business/finance-advisers-mostly-a-sales-force-report-says-20091025-henl.html