However, interest in advice is not waning. In fact, according to the research, the number of client leads doubled in 2021.

Using its lead generation tools, Adviser Ratings said that more than half of the leads generated were over 55 years old, and almost 40 per cent were between the age of 35 to 55. But younger Australians too are said to be showing a willingness to get a handle on their finances earlier, with close to 1,000 leads coming from those under 35.

Adviser Ratings cautioned advisers not to ignore the young Australians given that this generation are set to become the beneficiaries of more than $224 billion a year by 2050.

But despite increasing interest in advice, there has been a further drop in consumers using a financial advice mainly due to the rise in adviser fees which are pricing out many Aussies who want or need advice.

The Adviser Ratings 2022 financial advice consumer survey found 65 per cent of prospective clients would only pay $500 a year for advice – about an eighth of the median adviser fee.

The report found that the median ongoing fee has increased by 41 per cent in the same period, rising from $2,510 to $3,529.

Comparatively, Adviser Ratings found that the average FUA per client has only increased 22 per cent, laying bare the stresses to run a profitable practice at the expense of Australians being able to access affordable advice.