And what law is there to keep the financial adviser from lying?

Who knows, maybe none. The point is you need to take charge of your financial education and not depend on the government to protect you. I recommend books by Ric Edleman as well as his radio show. It will provide a good solid foundation of financial knowledge. Ric would recommend you pay a financial advisor a flat fee to look at your situation and to provide unbiased advice as to how to best manage your money. The internet is full of good information as well as reviews of financial advisors. Take charge!