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Financial Advice Too Expensive For Many Consumers

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April 27, 2021 by John Collett, The Sydney Morning Herald

Article link: https://www.smh.com.au/money/planning-and-budgeting/financial-advice-too-expensive-for-many-consumers-20210423-p57lt9.html

Financial adviser numbers continue to fall at an alarming rate and could drop to 13,000 by 2023, down from the 20,000 advisers that were estimated to be practising in 2020.

In 2019, there were as many as 23,500 advisers, including stockbrokers who are licensed to give financial advice, figures from researcher Adviser Ratings’ 2020 industry report show.

As well as fewer advisers, their fees are rising. Earlier this year, Adviser Ratings estimated that advice fees have rocketed more than 28 per cent in the past two years alone.

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