"...professional financial advisers as the only qualified and experienced cohort to deliver advice to Australians.." Please. 1. basic super stuff is a waste of a FP time and they cant make money on it. The compliance/paperwork time for FP to make money is high. The QAR will lower costs means higher margin for adviser. In any event, it is spot on various avenues can help people financially. It is garbage people with $20k, 40k 90k need financial advice. Most adviser I audited over the years just switched super funds and constructed a managed fund portfolio - which unlikely didn't outperform the index and had high ICRs. The reshaping should be they are there only for HNW client who they can charge properly and actually help. I say this outside of life insurance as that is a different game.