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100,000 Quit Financial Advice As Fees Jump Another 8pc

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18 April, 2022 by Aleks Vickovich, Australian Financial Review

Article link: https://www.afr.com/companies/financial-services/100-000-quit-financial-advice-as-fees-jump-another-8pc-20220418-p5ae5t

The median cost of financial advice services rose by $270 last year to $3529, pushing the number of professionally advised Australians below 2 million and many consumers into the hands of unlicensed social media influencers, according to a landmark annual study. The Adviser Ratings 2022 Financial Advice Landscape Report has found the median fees charged to consumers increased from $3256 to $3529 a year, representing an 8 per cent spike, or 40 per cent over the three years to December 2021


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