Self-licensed advisers are being subsidised for back-office and compliance developments by mid and large-size licensees, which do the heavy lifting in these areas, according to the head of an advisory group.

Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume believes there is much to be optimistic about when assessing the future of the financial advice industry.

ASIC will ask advisers what barriers have been created by regulation and licensees that stop the provision of limited advice.

The problems of cost and availability in relation to financial advice can only be addressed by rebuilding the model from the ground up, the AFA has claimed.