Aussies eager for legislative reform to boost advice access
Two-thirds of Australians are hungry for legislative change to enhance the accessibility of financial advice, according to Colonial First State (CFS).
Canvassing some 2,250 Australians, the CFS Empowered Australian Report 2025 discovered the majority of individuals want to see the federal government implement changes to make financial advice more accessible.
The CFS report revealed 82 per cent of Australians believe that financial advice should be accessible to all, while 72 per cent said advice should be priced according to their needs, from simple to complex.
With women being more likely than men to be disproportionately affected by their financial situation, the research found women (67 per cent) and Australians aged 40–49 (71 per cent) are the most keen for legislative changes from the government that will open up access to professional advice.
Across the four types of advice (general advice, simple super advice, one-off advice, and ongoing comprehensive advice), demand was highest from all age groups for ongoing comprehensive advice and one-off advice. Meanwhile, general advice recorded the lowest preference.
As such, CFS encouraged advice practices to develop scaled and segmented offerings for younger clients and those with simpler financial needs to make advice more accessible.
“By tailoring advice to meet the specific needs of different client segments, we can ensure that everyone receives the support they need to navigate these challenging times,” the report wrote.
Kelly Power, superannuation chief executive at CFS, said the Labor government’s recent re-election means there is now a greater opportunity to complete the Delivering Better Financial Outcomes reforms.
“We should not lose sight of the fact millions of Australians will be approaching retirement over the coming decade and the current framework will mean too many are unable to access the help they will need,” she described.
When asked what makes seeing an adviser worthwhile, 45 per cent of advised respondents said “they have better knowledge than I do”, 40 per cent cited earning better investment returns, and 37 per cent said “I want to make sure I’m doing the right thing”.
Power unpacked: “Recent events on the world stage have triggered significant volatility in share markets. It is in times like this where having access to a financial adviser can make a huge difference to both your superannuation and your own peace of mind.
“Their advice is essential in tempering client reactions to market volatility and reminding them that investing for the long‑term involves weathering periods of uncertainty.”
The firm recently deemed access to advice as urgent amid persistent cost-of-living pressures, which is placing significant strain on Australians’ mental and financial wellbeing.
Namely, CFS found one in five (20 per cent) said they wanted to break the cycle of living paycheque-to-paycheque, while two in five (42 per cent) working age Australians admitted that they would be unable to cope financially for more than three months if they lost their job or were otherwise unable to work.
AUTHOR
Jasmine Siljic
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