Financial advisers fear fire sales as valuations collapse

Prices for financial advice practices have fallen by as much as two-thirds following a ban on grandfathered commissions and as advisers unwilling to meet new professional standards quit the industry, says the chief executive of the Financial Planning Association.

Dante De Gori said market prices for such practices had plunged from about six times earnings to between two and three times as a result of the changes transforming the sector following the Hayne royal commission.