Our mystery shop of financial advisers found their advice to be scandalously poor.
Good, bad, helpful, useless – who knows what to believe about financial advisers. We wanted to know what advisers really delivered to consumers. But the results from our mystery shop shocked even us: this is an industry in serious need of reform.
Only 3 out of 17 advisers produced plans that were rated "good" by an expert panel. The remaining 14 were rated as "disappointing" or were "rejected".
Highlights of this report
Getting good advice
The 3 plans our panel rated as "good", plus tips for getting good advice. Read more
Read what our members have to say close
To save money on essentials and make buying decisions easy, you can't go past Consumer. We're proud to have over 65,000 members all enjoying our independent information online or in Consumer magazine.
Here's what some of them say...
"Just wanted to let you know that I find your site excellent! Easy to find my way around, everything at my fingertips - just a click away.
I only took out a 3 month membership as I wasn't sure but it is actually really easy to use and if I want it on paper I can print the
reports. Thanks again".
Denise Watkinson - Waitakere
"My mother (74) got a renewal letter from her insurance company for her car insurance, wanting $570. After reading
your article on car insurance, I contacted one of the companies you recommended, who quoted her $318 for the same
level of cover. I just wanted to stay thank you very much for your article, as it has saved my mother a substantial amount of money".
Adrian Lane - Kapiti Coast
"I've been a member to the magazine since 1997 and enjoy reading it a lot. I've found lots of helpful information on different issues...
Thank you for being so helpful".
Peter Kovalenko - Porirua
"I have been a member of the Consumer NZ for 20 or more years and have enjoyed much reliable advice.
I turn to their tests before making significant purchases".
Lyndal Print – Auckland
Join Consumer now and make your decisions easy on a huge range of products and services
- Over 500 reports, plus interactive tools and calculators
- Independent advice from NZ's trusted source of information
- Join over 65,000 members who help us get all NZers a fairer deal
from just $25
