There are ethical consultants and bad consultants in the financial services field. The ethical consultants offer advice and products that are in the best interest of their clients. The bad consultants think of their own benefit and offer products that give bad value to their clients.
The tied consultants can only offer the products that are available to them to be sold. If they work for a financial institution that offer ethical products (i.e. transparent and fairly priced), they can earn a honest living. However, if the financial institution designs products that are meant to deceive or mislead the consumers, the consultants face a dilemma. Do they act ethically, in the interest of their clients, and avoid these products? Alternatively, do they sell these products, as they are "bribed" with attractive commissions?
It depends on the ethical and moral values of each individual consultant. Some are upright, but others are not. In our current market environment, it is more likely to find an bad consultant - but there are good ones around.
Some consumers will trust consultants that they know personally. However, there are many cases of such consultants betraying the trust and taking their friends for a ride. If you are not able to differentiate between an ethical or bad consultant, it is best to avoid them altogether.
Tan Kin Lian
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