Survey finds holes in financial advice

Financial advisors are often advising pension holders to switch superannuation funds against their best interests, according to a new survey released by the Australian Securities and Investments Commission (ASIC) on Thursday.The shadow shopping survey covered 259 individual advisors and was designed to assess whether the advice given to consumers after the introduction of Super Choice last year complied with the law.It found that 16% of advice was not reasonable given the clientÆs nee…