Unfortunately, due to the huge amount of time advisers spend having to prepare endless paperwork which is never even looked at and all the other humps we are forced to jump through, it is economically unvaible to provide Financial Advice to the people who really need it.
If everyone in their mid 20's had access to financial advice then they would almost certainly end up in a better financial situation. However. If an adviser sits down with a 25 year old who has a 20k super balance, young family and mortgage and try to prepare a full financial plan the minumum cost to the client is $5k plus an ongoing fee. This $5k doesnt even leave much for the advisers profit (after all the costs of providing advice and running an independent advice firm are counted). Mum and dad clients cannot afford this fee and will not pay it in most cases. They will be left getting advice from neighbours and family and when everything goes wrong there is noone to turn to and no avenue for compensation.
The only way to allow access to quality financial advice for mum and dad clients is to reduce the cost of providing advice. This means scrapping the mountain of compliance rubbish which is a total waste of time and benefits noone
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