A former financial adviser is appealing for investors to come forward to help set up an online database to help compare the performance of investment advisers.
Miles Hayward-Ryan, an Auckland corporate lawyer, said investors could compare fund managers' performances, including KiwiSaver providers, but not financial advisers.
"Currently, investors have no way of knowing how their investment adviser is really performing. We are appealing for investors to come forward and give portfolio performances. They get a quarterly statement of results, but they can't know how their own investment adviser is doing compared with others."
A top-performing investment adviser might be earning clients tens of thousands of dollars more in a period than a poorly performing one, but there was no way for investors to find out, Hayward-Ryan said.
"We're talking about billions of investors' dollars, with no way of comparing performance or building trust.
