As an industry financial advice is a good position. Profit margins are strong and the money flowing into the compulsory retirement system has rewarded the 15,500 odd advisers who remained after the fall out of the Hayne royal commission and introduction of professional and education standards.

The royal commission highlighted flaws in the industry – mostly institutionally driven – and hurt consumer confidence in a sector which had at least begun to rebound in the past few years, as data from CoreData Research presented at the recent Professional Planner Licensee Summit showed.

But once again, the profession is at a crossroads as another scandal will make the public question whether they can trust financial advisers.