Consumer advocate Choice is supporting Financial Planning Week but has continued its attack on commission payments.

It is telling consumers to avoid commissions that “eat into the bottom line of somebody’s financial well-being”, Choice Campaigns Director Christopher Zinn said.

“It’s very tempting for someone to avoid up-front financial advice charges, thereby letting less obvious ongoing fees and charges take care of the cost,” he said. 

“We believe that’s a false economy.”

Mr Zinn says the proposed Future of Financial Advice reforms also ensure the adviser must act in the client’s best interests.

“Those working in the financial planning industry should accept that true professionals do not have conflicts of interest that adversely affect their clients,” he said.

“We want the industry to respond to consumer demand for impartial strategic advice. This opens a whole new market for advisers who can deliver services on a professional and ethical basis.”

Mr Zinn says Choice has campaigned for impartial and high-quality financial advice for 20 years and any diluting of the proposed reforms will continue to undermine consumer confidence in the industry.