Australia’s largest accounting body, CPA Australia, says urgent action is needed to reverse the ongoing shortage of advisers as an increasing number of retirees look for advice.
CPA Australia’s Superannuation Lead, Richard Webb, says a mountain of red tape is a key contributor to financial advisers quitting the profession – the number listed on the Financial Adviser Register has almost halved in six years, down from 26,500 in 2019 to just 15,300 as of July 2025.
Webb points to CoreData and Conexus Financial research that states an increasing number of Australians nearing their retirement plan to reinvest their superannuation savings outside the super sector.
“More than 2.5 million Australians will retire in the next decade – and many will be shocked to discover there are fewer than 15,300 professional financial advisers to assist them with some of the biggest decisions of their lives,” Webb said.
…expert financial advice is needed now more than ever
“With the increasing propensity of retirees to leave their super funds and seek higher investment returns through risky investments, expert financial advice is needed now more than ever.”
CPA Australia is urging the federal government to prioritise a review of the regulations and costs forcing advisers out of the profession, as well as deterring new entrants.
Webb said the tightening of regulations following the Hayne Royal Commission was intended to improve outcomes for clients, but the sharp decline in the advice sector has proved an unfortunate consequence.
