A rise in mental health issues among financial advisers is the result of the many changes within the advice industry and advisers need more support.

Financial adviser numbers are expected to decline further in the next few years but the standard of advisers remaining will continue to improve.

Consumers are being let down by the unnecessary complexities and costs of the current regulatory advice model, the SMSF Association says.

The review of scaled advice will create an opening to change the current advice model, which forces people into offerings they don’t want or need.