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Dramatic Rise in Advice Fees as Planner Numbers Dive

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2 February 2021 by John Collett, SMH

Article link: https://www.smh.com.au/money/planning-and-budgeting/dramatic-rise-in-advice-fees-as-planner-numbers-dive-20210129-p56xsb.html

The median fee per client at the end of 2018 was about $2500, rising to about $2800 a year later, a rise of 12 per cent, according to a survey conducted by Adviser Ratings. Fees rose by a further 16 per cent in 2020 to about $3240.
“Advisers are charging more because their costs are going up rapidly, there is growing demand for advice as baby boomers move into retirement and there are fewer planners,” says Mark Hoven, chief executive at Adviser Ratings.

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