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Financial advice gap to remain despite government’s efforts to plug it

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29 November 2023 by John Collett, The Sydney Morning Herald

Article link: https://www.smh.com.au/money/planning-and-budgeting/financial-advice-gap-to-remain-despite-government-s-efforts-to-plug-it-20231123-p5emdi.html

The number of financial planners in Australia appears to have stabilised at almost 16,000, following a decline of about 12,000 since 2019’s peak, but changes underway by the federal government may only be partially successful in plugging the advice gap.

Angus Woods, founder of Adviser Ratings, which rates financial advisers, says there are not enough graduate financial advisers and not enough in the pipeline to close the advice gap. “The number of university students graduating in financial planning has stalled,” he says.

He says that super funds have a big role to play. If the changes from the government do cut compliance red tape, then you may also see more accountants looking at providing advice, Woods says.

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