Superannuation funds will also be able to give personal advice to members, a key recommendation of a review into financial advice led by Michelle Levy, a partner at law firm Allens.

Currently, super funds are restricted to giving general, factual advice. That can be no more than a description of the differences in the fund’s investment options, or the fees charged.

Ben Hillier, general manager of retirement solutions at AMP, says there is no doubt that many financial advisers have had to reduce the number of clients they service simply because of the regulatory burden and compliance checks they have to go through.

He expects that will change as reforms are implemented, coupled with the use of technology that will see more people obtaining affordable advice.

“People need help – they are crying out for assistance, particularly for advice on retirement, which is complex as it intersects with tax, social security, estate planning and superannuation,” he says.

Hillier says there needs to be more “scaled” advice that could be phone-based, where super funds can play an important role in providing simpler advice.

Then there will be digital tools that provide automated advice, at very low cost, that will include the increasing adoption of artificial intelligence, he says.

Matt Esler, the chief executive of Padua Solutions, a financial advice technology developer, says good technology will also help close the advice gap. It can help reduce the hours spent by planners on developing comprehensive financial plans, and super funds are likely to embrace digital solutions more and more for less complex planning needs, he says.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.