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flag Australia plans cheaper financial advice via new advisors focused on basic topics, addressing advisor shortage.

flag The Australian government plans to create a new type of financial advisor to offer cheaper, simpler advice on basic financial topics like insurance and retirement, addressing the shortage of financial advisors and making advice more affordable. flag These advisors, requiring diploma-level education, will advise only on prudentially regulated products and will not charge ongoing fees or commissions. flag Financial institutions are expected to employ these new advisors, with draft legislation to be released for public consultation soon.

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