Consumer survey another knock to confidence in advisers: IFA says

Institute of Financial Advisers Chairman Phillip Meyer said the research further undermined the public's perception of financial advisers and was another blow the industry.

"The report is extremely disappointing and doesn't reflect well on the industry," Meyer told Good Returns. "From the point-of-view of the public, it doesn't inspire confidence and is a concern for the adviser community."

Consumer NZ mystery-shopped 33 financial advisers and had an expert panel assess the quality of 17 investment plans, seven of which were pre-retirement plans. Only three were rated good by the panel, with the rest either disappointing or rejected.

Meyer said the research reiterated the need for advisers to get on the pathway to proving their competency and urged those who are not yet affiliated with an association to do so.