The risk associated with providing financial advice is causing a significant number of accountants to stop providing this service for their clients, an industry advice leader has said.

Pro-bono advice and non-advice services provided to SMSFs may also be trapped under non-arm’s-length expenses (NALE) arrangements.

The fallout from the financial services royal commission and other significant changes in the sector have resulted in the metal welfare of financial advisers being at crisis point, an industry specialist has said.