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Calculating the cost to serve

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15 June 2023 by Nina Hendy, Professional Planner

Article link: https://www.professionalplanner.com.au/2023/06/calculating-the-cost-to-serve/

As the industry has been dealt an onslaught of legislative changes in recent years, it’s widely acknowledged that providing financial advice has never been more expensive than it is right now.

A survey recently published by Business Health found that smaller practices are struggling to deliver an acceptable profit return, drawing a direct correlation between profitability and the number of support staff.

To deal with the growing costs, financial advisers have lifted their fees a further 5 per cent in the past year, with the median client now paying $3710, research from the Adviser Ratings 2023 ‘Financial Advice Landscape Report’ revealed.

Over the last five years, the median fee has jumped by close to 40 per cent. But 90 per cent of advisers say that further rises are on the way as inflation, interest rates, wages and other cost pressures hit hard.

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