Alan Kohler, respected ABC TV & Eureka Report finance expert

“One of my favourite financial planners, Claire Mackay of Quantum Financial in Sydney…I really feel for Claire and financial planners like her, because I have a similar problem.

I’ve been journalist for 44 years and always tried to uphold the highest standards. But there are other people called journalists who don’t do that. The standards of my profession are not enforced and, in fact, virtually anyone can call themselves a journalist.

It’s not quite that bad for financial planning, but it’s true that, broadly speaking, there are two types of financial planners: genuine independent advisers, and those whose job is to sell products. Both types are called financial planners and poor customers can’t easily tell them apart.”