Only 27 people used the Financial Planning Association’s Wellbeing service last year and the Association of Financial Advisers is also finding a low uptake with its mental health service, AFA Cares.
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If the Government seriously wants to make financial advice more affordable then it needs to conduct a thorough review to strip out the layers of regulation which have driven up the cost of advice delivery.
Analysis undertaken by the chief executive of one of Australia’s publicly-listed financial planning licensees is suggesting that a number of financial planning firms are sitting on fragile balance sheets and are either suffering low profitability or actually losing money.
Industry associations are urging the government to allow advisers access to the ATO’s online portal as part of the push towards more efficient and affordable advice.