A poll released by Adviser Ratings found 93 per cent of planners intend to increase their fees next year, while funds under advice steadily rises.
According to Adviser Ratings data, the median advice fee increased 8 per cent last year and 40 per cent since 2018.
Source: Adviser Ratings’ 2022 Australian Financial Advice Landscape Report
At the same time, average funds under advice per client has increased 22 per cent between 2018 and 2021, from $643,000 to $785,000.
Adviser Ratings consumer research found that while most surveyed Australians (63 per cent) would like to see a financial adviser, most also say they couldn’t afford to at the current price. In fact, more than three-in-five prospective clients wouldn’t pay more than $500 to see an adviser – about a seventh of the median fee last year.
Just one-in-10 Australians who want advice say they’d pay up to $2500 a year, while one-in-20 would pay between $2500 and $5000, the research found.