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Cost disconnect impacting access to advice: Report

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28 June, 2024 by Keith Ford, ifa

Article link: https://www.ifa.com.au/news/34438-cost-disconnect-impacting-access-to-advice-report

According to the latest Adviser Ratings Australian Financial Advice Landscape report, more than two-thirds (68 per cent) of Australians see the benefit of having a professional financial adviser.

However, not only are consumers only willing to pay an average of $911 for advice from a professional financial adviser, but this number drops even further for those who don’t currently have a financial adviser. This cohort is only willing to pay an average $553, which is a drop from $651 in 2022.

As the report points out, despite what consumers are willing to pay, just 6 per cent of advisers have fees for new clients under $1,500.

Only 8 per cent of consumers surveyed said they would pay between $1,000 and $2,500, while 6 per cent were willing to go above that figure.

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