How 'independent' are financial advisors?

A new study by SEI discusses the concept of independence in the context of the money management business - with a special emphasis on retail investors and high-networth individuals. The study demonstrates that the customer of a money management firm has to understand the incentives of the advisor(s) in order to make sure that his portfolio is handled in the best possible way. When the chief executive of one of the leading investment banks and wealth managers states publicly that there is no moral obligation to take account of the customer's interests the importance of real independent advice becomes more relevant than ever.