When analysing the 32,759 financial advisers in New Zealand, only 325 are Authorised Financial Advisers (AFA) who could be classed as non-aligned or independent (even though they aren’t legally allowed to say they’re independent!). Don’t get us wrong, we aren’t saying 99% of the market are incompetent or giving poor advice, it’s just they have split loyalty.
If you are getting advice, you want to see a written report. This should include what the product is and why it is suitable for you. If the adviser is tied to a provider or has a conflict of interest, it should be clearly stated in their disclosure statement.
Even in the new world of regulation, it pays to know who is giving you advice. Do some research, and ask some questions.