All eyes are on an end of year review where the challenge will be striking a balance between consumer protection and more affordable advice.
With wars, falling sharemarkets, rising inflation, lower property prices, higher interest rates and super balances taking a hit, the new financial year is rife with challenges for investors.
Research by Adviser Ratings highlights the widening gap between the cost of delivering advice and what investors are prepared to pay. It says 64 per cent of investors who want advice will pay only around $500. This is despite Vanguard research proving that advice – whether delivered by a human or digitally – can add value to investors, with human-advised clients attributing 5 per cent of their portfolio value to advice and for digitally-advised clients, 3 per cent.
The challenge for the review will be striking a balance between consumer protection and providing the regulatory structure that will help make advice more accessible and affordable to the broader investor population.
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