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.

SMSF practitioners providing specialised advice covering three specific issues will soon have a new industry body to represent and support them.