The median cost of financial advice services rose by $270 last year to $3529, pushing the number of professionally advised Australians below 2 million and many consumers into the hands of unlicensed social media influencers, according to a landmark annual study.

The Adviser Ratings 2022 Financial Advice Landscape Report has found the median fees charged to consumers increased from $3256 to $3529 a year, representing an 8 per cent spike, or 40 per cent over the three years to December 2021. The estimate includes both scaled-limited and comprehensive-ongoing forms of advice and would be closer to $5000 a year if restricted to the latter.