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improved presentation of needs and solutions, better quality of output, less data keying, and electronic quotations and fulfilment.There is a better understanding and utilization of existing and new distribution channel and more efficient and effective relationship with product providers.
13. CONCLUSION
Thus we can conclude that the relationship between the customer and the adviser is based upon trust and the customer's expectations to get best decision from adviser. There shouldn't be restrictions on the commission paid to the financial adviser from supplier, because this would lead to illegal means such as taking bribe and the adviser will persuade a customer to buy a certain product because it's associated with his commission. Caution should be taken by the customer to select such a financial adviser whose track record is clean and successful. He should have good professional qualification and experience. His/her past clients should be met to ensure that the adviser is capable of good decision-making.

FSA regulation has further ensured a proper check and balance on the regulation of Financial services. The customer should choose a financial product himself after the adviser has suggested all pros and cons associated with a certain product. Multi-tied Financial advisers are better than tied ones as they wouldn't persuade a customer to buy a product related to a single company but the customer would have a limited or full range of products to choose between. The best advice for the customer according to his/her circumstances comes from an independent financial adviser who has been able to review the whole market place rather than a tied or multi-tied adviser.
Although a lot of miss-selling cases have happened in past, but these can be avoided by the customer if he/she should be cautious and would choose a legal financial adviser with problem track record. If the customer feels that the adviser is cheating on him, he/she should contact the FSA.and corruption cases should be immediately reported. The customer should ensure that the adviser is a licensed person and would make all payment options fixed in the first meeting when the adviser presents the "two key" documents to the customer. So, we can conclude that it is ethical to reward advice industry such as financial advice by commission payments as it encourages them to do their best. If the Financial advisers would be restricted they would go for the more profitable option of attaching to a handful of firms, taking more commission off them and would sell a far more restricted range of products to their clients. Hence we can conclude that the commission paid to the Financial adviser is the right of the adviser. If commission is outlawed Financial Advisers will have to operate on a fee basis. The cost of a financial analysis and retirement plan that complies with FAIS and all the other legislative requirements is substantial. It will mean that people in the lower income groups will not have access to financial advice simply because they cannot afford to pay a professional financial planner an appropriate fee.

Learn more about this author, Rukhsana Zulfiqar.
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