That cautionary note emerged from a study by ipac financial planning that was conducted before United States investment bank Lehman Brothers collapsed in mid-September.

In results made public yesterday, consumers ranked trust as the most important attribute when dealing with financial advisers.

They also specified communication, honesty, credibility, sincerity and reliability as factors that would build trust in the long run.

The study - of residents in Singapore, Hong Kong and Taiwan - noted that trust issues topped the list that would influence consumers' decision-making before they engage a financial adviser such as a private banker, insurance agent, wealth manager or planner.

Study participants were 35 to 55 years old, and earned about $80,000 a year.

The first phase of the study comprised six focus group discussions in the three countries.

The second involved an online survey with a sample size of about 300 participants for each country.

For instance, in the online survey, 49.4 per cent of those polled in Singapore indicated that they 'have not met an adviser whom I am able to trust completely'.

About 68 per cent of respondents in Hong Kong said the same.

Findings from focus group participants shed more insight.

They said trust is somewhat influenced by their own or others' bad experiences. That might include loss of money, insufficient returns, fraud cases, unqualified advisers and doubts over whether advisers put the client's interest first.

'It is apparent that recent incidents related to certain structured bonds and minibonds have tainted many investors' feelings towards financial institutions,' said Mr Greg Campbell, country manager of ipac Singapore.

Mr Campbell said that if the survey was done today - amid consumer anger over the alleged mis-selling of financial products such as Lehman Minibonds - more respondents would rate 'trust' as the top priority for financial planning.

For some consumers, once this element of trust is eroded, it might seem forever before it can be repaired. Just ask Singapore engineer V.H. Lee.

'The next time I buy anything, I will scrutinise every detail and get the bank to explain where my money goes to,' said Mr Lee, 35, who invested $10,000 in the Minibonds debacle.

Mr Lionel Lee, a director at private equity firm IBS, said consumers cannot trust their advisers blindly.

'Customers must make the point to understand what they are buying. They cannot just trust their financial advisers, or whoever sold them these investments products, explicitly, without questioning,' Mr Lee said.

Another crucial point raised in the study was that most participants preferred employers to provide access to financial advice as a company benefit.

And at least three-quarters of online survey participants from Singapore and Hong Kong agreed that they would prefer to have the services of a certified financial planner.

gabrielc@sph.com.sg