Financial advisers are well aware that their numbers have dropped from a pre-royal commission high of around 29,000 to their current levels of just over 15,000, along with the cost of comprehensive advice continuing to grow.
Homesafe argued that the combination is placing professional guidance beyond the reach of many retirees at a time when financial decisions are becoming more complex.
Chief executive Dianne Shepherd said the advice gap is emerging as more Australians approach retirement still carrying housing debt.
“We are seeing more Australians than ever reaching retirement still carrying a mortgage, with modest super balances and increasing longevity risk – yet access to affordable, high-quality…