Association of Financial Advisers CEO Brad Fox admits the industry’s image “is not where it should be”.

“We have been put in a bad light, but it is time to get off the back foot,” he told the association’s conference in Cairns last week.

Mr Fox says the industry is competitive and advisers need to rise to the challenge of winning more clients.

“There is a huge opportunity in the advice industry. I can’t see robots replacing us, despite what some people say.”

Although there is demand for advice, the industry must overcome a number of hurdles, such as education standards and the complexity of products and services, Mr Fox says.

“The average person does not understand our industry because it is a complex system. But that will also drive demand for advisers.”

He says participation in a healthy advice market should be growing, not stagnating.

“We have Generation X screaming for advice, and about 2000 Baby Boomers retire a week and need help for their futures.”

Affinia GM Craig Parker told the conference that barriers to entering the financial advice industry include regulation.

“The industry is driven by regulation, but we need to tell the good stories about advice to attract people to join the profession,” he said. “Licensees need to support new entrants and not just look at them as a way to support succession planning for retiring advisers.”