More than 60 per cent of Australians have unmet advice needs as millions claims they will seek advice in coming years.

Adviser numbers have continued to fall in the latter half of this year, despite lengthy lockdowns in Sydney and Melbourne.

The SMSF Association has welcomed the Financial Services Council’s recommendations to reduce the cost and complexity of financial advice.

An advisory group white paper has pinpointed the critical element holding back financial planning practices from achieving meaningful growth.

ASIC has extended relief measures which allow the use of records of advice for COVID-19 financial hardship-related advice until April 2022.

The FPA has welcomed recommendations from the FSC to reduce the cost and complexity of advice, noting they are consistent with its own reform plans.