Advice comes at a price.

"Provided the advice is likely to make the consumer better off, it should be possible to deliver most simple advice using digital engagement, akin to the current treatment of intra-fund advice", says Rice. "This was not the intention of the original FSR legislation, and it has restricted people from delivering simple forms of financial advice electronically at low costs (and with low risks) to consumers", says Rice. INVESTING INVESTING FINANCIAL PLANNING It can cost thousands of dollars to obtain a financial plan, but there's a way to make it easier and cheaper We live in a complex financial world. However, in his submission Rice says it does not bring the cost of a financial plan down to levels most consumers would find palatable, and more fundamental change is needed. [Extracted from the article]