Any move to make financial advice accessible for more consumers should not prioritise a reduction in cost over the quality of the advice provided, CHOICE chief executive Alan Kirkland says.

The complex regulation surrounding the provision of financial advice drives up costs and prevents a large portion of the population from accessing much-needed advice.

The number of financial planners and advisers has held steady and an increasing number of them are choosing to become self-licensed, a recent study has found.

The number of SMSFs using a financial adviser has dropped relative to the size of the sector, even as the scope and intensity of advice needs have increased.

The SMSF Association is urging the government to consider a less complex approach to regulating the financial advice industry.

The possibility of establishing a financial planning cooperative to help smaller firms with their running costs is being proposed by a Queensland-based practice.