There is no denying financial advice is expensive. Between 2018 and 2023 fees rose 58 per cent, from a median of $2510 to $3960, according to Adviser Ratings.

Both the regulatory cost of providing advice and a stark reduction in the number of advisers – down from almost 28,000 in 2018 to fewer than 16,000 in 2023 – have pushed up fees since the Hayne royal commission.