July 16.

I must take issue with many of the comments of Edward F. Rock (July

10). The world of personal financial planning is one which is complex

and specialised. The correct level of expertise required will normally

be beyond that of an accountant or solicitor. Indeed, many accountancy

and legal firms simply refer their clients to a tried and trusted firm

of financial advisers. Other firms, particularly larger ones, now have

their own financial planning arm which is run by financial advisers.

It is an astonishing generalisation to state that financial advisers

have varying backgrounds ''from joiners and plumbers to used-car

salesmen'' whose ''prime motivation is the sale of insurance services.''

Mr Rock will be aware that there are a large number of highly

reputable and respected financial advisory companies who are committed

to offering quality advice to the corporate and individual markets.

These firms rely largely on a hard-won reputation, and generally

employ experienced professionals of high ethical standards who are

obliged to provide ''best advice'' as defined under the Financial

Services Act, 1986.

Mr Rock asks if financial advisers disclose commissions to clients. He

should familiarise himself with commission disclosure requirements

stated in the Financial Services Act.

It is true to say that the 1986 legislation was introduced to regulate

the financial industry. There are charlatans in every profession.

Indeed, it is no secret that the legal profession has been asked to

''bail out'' clients of unscrupulous legal advisers. This, however, does

not colour my regard for the legal profession.

Many financial advisers agree that fees would be a more acceptable

method of remuneration. Bearing in mind that the present

commission-based advice is non-obligatory, many advisers would actually

prefer to work for fees rather than provide advice which may not be

taken up, or which may even not be remunerative. In such instances the

advice is certainly free, and I wonder if Mr Rock would be prepared to

work on such a basis. Commissions, in the present real world, are a fact

of life. Until legislation dictates otherwise, few people will pay fees

for advice which can be obtained from a competitor with no fee.

The financial services industry is often criticised. Criticism when

constructive and based on fact is helpful both to the consumer and the

industry. Criticism based on venomous and biased personal opinion is

unwanted.

Robin R. Clements,

15 Alloway Gardens,

Earnock,

Hamilton.