About 70% of financial planners cite the compliance burden as the leading challenge facing their profession after last year’s royal commission on financial sector misconduct, an Investment Trends survey has found.

Providing affordable advice ranks second (43% of respondents) and reducing the cost of advice is third (39%).

“Financial planners are striving to widen their pool of eligible clients as a host of macro challenges impact their bottom line,” Research Director Recep Peker said.

“For years, planners have struggled to grow their client base as they face a shifting regulatory landscape, the reputational impact of the royal commission and uncertain market conditions.

“In their quest to lift client numbers and practice profitability, more planners are focused on lowering cost and serving clients in an affordable manner.”

The survey results are based on responses in May from 1030 financial planners.