The United Financial Advisers Association (UFAA) has called for a study into the mental wellbeing of advisers, who have been forced to grapple with years of reforms covering industry regulations, education and remuneration.

The pressure of dealing with the changes and prospect of falling income have taken a toll on advisers, with many choosing to quit the profession because of the duress, UFAA Chairman Alex Vagliviello said today.

“The damage done to the sector in terms of advisers that have left the industry and their financial and mental health has been nothing short of catastrophic,” he said.

“Moreover, constant tinkering with remuneration structures has seen the value of practices plummet, and the unjust vilification of all advisers for the sins of the few has added to distress.

“These factors are deterring the next generation from considering a career in advice, further jeopardising the viability of the sector”.

A recent study from research group Rainmaker Information says the number of registered advisers has fallen to 2016 levels, with about 22,334 registered in the year to June 30.