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Consumers locked out of financial advice as fees keep rising

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24 July 2024 by John Collett, Sydney Morning Herald

Article link: https://www.smh.com.au/money/planning-and-budgeting/consumers-locked-out-of-financial-advice-as-fees-keep-rising-20240718-p5jusd.html

An increasing number of people seeking financial advice to help them navigate complex rules and regulations, particularly around retirement planning, are being locked out of advice as financial adviser fees continue to climb. Figures from Adviser Ratings, which rates financial advisers, shows financial advice fees increased by about 7 per cent over the past year, with a median fee of $3960 a year. Over the past five years, fees have risen by 58 per cent, amid a continuing shortage of suitably qualified financial planners.


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