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.

The financial adviser population declined again during the second quarter of 2020, contributing to a sharp increase in advised wealth moving from advisers exiting the industry.

A class action has been brought against the financial planning arms of AMP, CBA and Westpac for Future of Financial Advice reform contraventions.