An AMP-linked adviser has warned the financial advice system is rigged against consumers because big companies have a bias towards pushing their own products.

This bias towards in-house products reduces competition and may result in savers paying over the odds for investment products, Rhys Wood, a director of financial planning at Elite Wealth Solutions, has argued.

In a damaging submission to the Murray Inquiry into Australia's financial system, Mr Wood says that the high costs of regulatory compliance have prompted many planners to obtain a practicing licence through a large institution, which in turn supplies products for advisers to recommend.

Queensland-based Elite Wealth Solutions is licensed by listed wealth company AMP.

"The most pressing issue within the advice industry is the existence of bias within the advice process," says Mr Wood in his submission.