Too many financial planners are "doing the wrong thing", reflecting a crucial need for the banning of "blatant conflicted payments" including scaled volume rebates.

ClearView chief executive Simon Swanson saidopening up advisers' approved products list to competition and scrapping conflicted payments such as marketing allowances to advisers would help put clients' needs first.

Clear View chief executive Simon Swanson. Credit:Natalie Boog

"As an industry, we need to acknowledge our shortcomings and admit there are problems," Mr Swanson is to say at the Australian Securities and Investments Commission annual forum in Sydney on Tuesday.

"While the majority of financial advisers provide quality advice in their clients' best interests, there are still too many doing the wrong thing – often supported indirectly by their licensee."