Costs Drive Adviser Numbers Down Over 15% in 2019

There are concerns that the advice industry is in the midst of a perfect storm of rising costs that will ultimately make accessing advice unaffordable for the majority of Australians. Increasing regulatory and compliance costs, rising PI insurance and the restructuring of the licensee market are all contributing to intensify the cost pressure on advice firms. The result may mean fewer practitioners will be able to continue to offer advice resulting in thousands of job losses from the industry.