What makes an adviser independent, anyway?
Among the submissions made to MBIE on its proposed disclosure regulations, Pathfinder chief executive John Berry said it would be important for advisers to give their clients enough information for them to understand whether they were dealing with an “independent” operator.
"Anecdotal evidence suggests that the breadth of products an adviser considers is not well understood by consumers (ie number of providers and number of products considered)," he said.
"New disclosure rules need to come up with a very simple and effective way to alert consumers that they need to read more."
Berry suggested advisers' disclosure could start with a statement such as "I am (or I am not) an independent financial adviser."
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
