How to tell a good adviser from a bad one
Barry Read, of IDS, said despite the advent of regulation, there was no way for consumers to compare those offering services, whether it was investment, mortgage or risk advice. “If someone asked ‘how do I find a good adviser’, how do you answer that?”
He said the professional associations were not able to say with complete confidence that because someone was a member of their organisation, they were a reputable adviser.
“And it’s the same with the FMA. Just because someone is an RFA or an AFA, you don’t know whether they’re going to be good or not. You just know that they can meet a certain level and have good character.”
Consumers had to ask questions and shop around, which the FMA was encouraging them to do, he said.
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