Financial advisers will have to agree with the radical changes made by the Federal Government following the corporate downturn by corporations such as Opes Prime, Westpoint, and Storm Financial.

According to the new reforms, investors may opt for a financial advice through a vote and may not be paying on unnecessary services and provide superannuation funds or investment houses to advisers.

The new rule also states that advisers must comply according to the client's wishes and are prevented from receiving additional fees or rewards from recommending their products to its clients.

In Australia, there is an estimate of 18, 000 advisers and almost 85 per cent are connected to a bank or investment companies that provide financial products.

In an interview with the media yesterday, Minister for Financial Services Chris Bowen, the move will help investors from paying hefty fees and remove "perverse conflict of interest.

"These reforms will see Australian investors receive financial advice that is in their best interests, rather than being directed to products as a result of incentives or commissions offered to the financial adviser,'' Mr. Bowen said yesterday.

John Brogden, the chief executive of Investment and Financial Services Association agrees with the proposal by Minister Bowen and assures the government it will help in securing trust between consumers and their advisers.

However, Mr. Brodgen is worried that the move will trigger several advisers to increase its rates while others may be forced to quit their profession.

''There could be fewer financial advisers charging more but giving very high-quality advice,'' he said.

Mr. Bowen hopes that the new provisions will include an implementation of low-cost and simple financial to help individuals and families who are seeking financial advice.