Fakers recommend investments that aren't suitable to the investor's financial situation.

Some suggest buying only a small amount because values can fluctuate; others recommend heavier investments.

Wilshire said that the consultants who recommend investments to pensions were not involved in the short-term trading.

"I try to recommend investments that won't jeopardize my clients' last years on the planet."

Consider an expert system designed to recommend financial investments which is used by a responsible body of financial advisors.

Among other things, they would be permitted to recommend investments for which they could receive a fee.

Certain advisers are recommending even shorter-term investments, namely money market funds and certificates of deposit.

"I wouldn't feel comfortable recommending specific investments," he added.

Accusations by customers that brokerage firms recommended unsuitable investments rocketed last year.

And that became an incentive to recommend investments, like limited partnerships, that paid them more but also carried higher risks.