A government backdown on educational requirements for financial planners has been criticised as “too little, too late” because 10,000 people have already quit the industry, pushing up the cost of advice for ordinary Australians.

When retired financial planner Michael Phillips read that high-end firm Crestone received a $500 million offer this week from an investment vehicle owned by Liechtenstein’s royal family, it reminded him that wealth management can be a profitable business for some.