In my opinion, there are a few major clashes of interests between the you, the client, and your financial adviser who is making a living out of his job. It is only by identifying and reducing these clashes of interests can there be a mutually beneficial relationship between an adviser and a client. The first major clash of interest is the remuneration system. Most financial advisers in Singapore still work on commissions. This is due to commissions being a longstanding practice as well as most consumers not wanting to pay an upfront fee for proper financial advice, never mind the fact that most end up paying through their noses in commissions in form of hidden charges and fees. Financial products that are good for the client more often than not pay the financial adviser low commissions, and products lucrative for the adviser are usually lousy for the client. It’s a ......