Hawes believes the payment of investment commission provides oxygen to the argument of conflicts of interest, and until it is removed the public will always wonder who the adviser is working for.

"When there's a commission on the sale of something even when the investment adviser is absolutely ethical and putting the client's interest first there is a perception that they're working in their own interests," he said.

"I would advocate moving completely towards that [a commission ban] so we become a respected profession instead of a mistrusted and distrusted industry which is often effectively just a channel for the investment manufacturers."

While welcoming the new adviser regulation he believes the fundamental problem with the perception of the investment advice industry is caused by the commission model.

"I think that [regulation] will go a long way to helping the industry but I don't think this will become a fully trusted profession until it has a different business model. The public is rightfully pretty wary of financial advisers because the business model is wrong."

While he acknowledged that charging upfront fees for investment advice may deter some from seeking advice in the short term, he believes in the longer term it would raise the standing of the industry which would in turn prompt more people to seek advice.

"I have a vision of the financial advice industry turning into a financial advice profession, so that instead of becoming a conduit or a channel for the sale of investments we simply give advice. Look at all the area around the Code and the new legislation and the standard sets, it's always talking about product. I'm not sure what a product is, I know what an investment is, I'm an investment adviser. I'm not sure I have anything to do with products."