Australians are paying a record median annual fee of $3710 for financial advice, a figure that has blown out by 48 per cent in the five years since the Hayne royal commission, which levelled damning allegations of criminal misconduct against key players in the troubled sector.
Rising fees are among the chief factors believed to be causing the number of people receiving professional financial advice to plummet. In 2007, 3 million Australians received professional financial advice. That fell to just 1.8 million last year, despite population growth over the period.
Aleks VickovichWealth editorAleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
