An increasing number of people seeking financial advice to help them navigate complex rules and regulations, particularly around retirement planning, are being locked out of advice as financial adviser fees continue to climb.

Financial Advice Association Australia CEO Sarah Abood says financial planners face costs that are too high, but is hopeful that legislative changes to come will make it possible to provide simple advice at a lower price.Credit: Dominic Lorrimer

Figures from Adviser Ratings, which rates financial advisers, shows financial advice fees increased by about 7 per cent over the past year, with a median fee of $3960 a year. Over the past five years, fees have risen by 58 per cent, amid a continuing shortage of suitably qualified financial planners.

This comes at a time when more people are seeking financial advice. The 2023 Intergenerational........

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