Topical analysis from ASIC covered in the AFR today. Here at FinClear we believe there are many good planners out there who are doing the right thing, but are tied to expensive platforms. By using products and services that deliver efficient solutions, like direct HIN-enabled managed accounts, advisers can demonstrate better alignment to their clients’ best interests.

Financial advisers too expensive and can’t be trusted, report finds

Investors think financial advisers are too expensive, can’t be trusted to give independent advice and are more interested in making themselves rich than their clients’ needs, according to new ASIC analysis of a sector being rocked by structural and regulatory changes.

It also found that nearly nine out of 10 investors had not sought financial advice in the past 12 months, even though a third had received some advice in the past, according to interviews with nearly 2500 investors.

“It is imperative that people wanting advice when making critical financial decisions are able to access high quality advice and feel confident the advice is in their best interests,” Danielle Press, an ASIC commissioner, said.

Read the full story over at AFR.