A new report has flagged a “positive” outlook for financial advisory firms, which in recent years have been hobbled by increased regulation, education requirements and rising running costs.

Desktop Broker, the wealth management arm of online stock broker Bell Direct, says in the report that heightened economic uncertainty and an aging population are factors that would spur growing demand for professional financial advice.

“The financial advice industry has undergone significant changes in recent years, as regulators work to improve transparency and better protect clients,” the report says.

“After a period of instability, the forecast for the financial advice industry is looking positive. As talent returns to the industry, supported by a more accommodative regulatory environment, the industry is poised for growth.”

The report says the recently completed Quality of Advice Review has highlighted the need for simple, limited advice that can be delivered frequently.

“As regulatory policy becomes more accommodative, there will be new opportunities for innovation and growth in the industry,” the report says.

On the advice skills shortage, the report says the industry has what it takes to win the war for talent.

“A career in financial advice can be extremely rewarding, both personally and financially,” the report says.

“Advice is about helping people to plan for the future, make smart financial decisions, and achieve their goals. With millions on the hunt for more interesting and satisfying work, there has never been a better time to promote the benefits of being a financial adviser.”