Independence valued in financial planning

A survey by retail managed funds distributor Neville Ward Direct has found that nearly 90 per cent of its customers prefer using independent, smaller financial planners. The survey also found that satisfaction levels with financial planners were relatively low with only 43 per cent saying they were satisfied with their planners, citing such reasons as poor advice, poor service, costs and lack of independence. The investors' preference for independent advice contrasts sharply with current industry practice in which most advisers are tied to banks or fund managers.

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