The results showed that adviser sentiment was up in the December quarter for 2021 to 57 out of 100 (up from 51 in Q4 2020), and confidence also increased across measures like revenue expectations, business outlook and operating conditions.

Over 70 per cent of advisers expect their revenue to grow by 10 per cent or more over the next year.

“The Advice Insights Report paints a picture of an industry that has held up remarkably well given the challenges over the previous couple of years,” CFS chief distribution officer Bryce Quirk said.

“Adviser services are in demand which shows that many more Australians are looking for help with financial decisions. While there are challenges in the operating environment, advisers are optimistic about the opportunities for their businesses in the coming year.

“CFS is focused on supporting advisers by providing the tools they need to do business more efficiently and becoming easier to do business with in the future.”

The survey comes after CFS pledged to be an ally to the advice industry and “simplify” future regulation following the completion of the sale by CBA of a 55 per cent stake to global investment firm KKR last December.