Funds of knowledge

Plenty of Australians are crying out for accessible, affordable financial advice. A 2019 survey by the corporate regulator ASIC found two out of five of us would like financial advice, with issues around growing super (31%), retirement income planning (37%) and aged care planning (18%) being among the key areas where we could benefit from expert help.

Yet just one in four Australians has received financial advice, and the overwhelming stumbling block is the cost. Quite simply, one in three of us believes formal advice is beyond our budget.

The price tag isn’t the only hurdle. Financial advisers are leaving the industry in droves. It’s largely the result of the increased educational standards required to be a licensed adviser – an outcome of the financial royal commission. Australia has just 17,000 licensed advisers at present, down from 20,674 at the start of 2021.

Fortunately, there is a solution, and affordable financial