There are three standout platforms dominating the advice market, based on feedback to Adviser Ratings, as the shrinking pool of advisers become a powerful arbiter.

Almost half of the advisers who have departed this year have been in the industry for less than 10 years while older advisers are pinning their hopes on the experience pathway.

New research from Findex has revealed that Millennials have the most to gain from ongoing financial advice and could be $664,000 ahead in net assets at 65 than their non-advised peers.

WT Financial is expecting to see a 130 per cent increase in net profit after tax, as it releases indicative results for FY22–23, and CEO Keith Cullen believes the outlook for financial advice has “never been stronger”.

Noting that some QAR recommendations make it “less legally onerous” for banks to provide advice, the industry association said it suspects a lingering interest from these institutions to return to wealth management.