Self-licensed advisers are being subsidised for back-office and compliance developments by mid and large-size licensees, which do the heavy lifting in these areas, according to the head of an advisory group.

ASIC will ask advisers what barriers have been created by regulation and licensees that stop the provision of limited advice.

The problems of cost and availability in relation to financial advice can only be addressed by rebuilding the model from the ground up, the AFA has claimed.

Any future advice gap will come from the departure of active advisers and not those biding their time until retirement, a consulting firm has predicted.