I’ve been in Australia for the past week and it’s clear that the financial advice industry across the Tasman is in crisis.

The most awful story is that in recent times around 18 financial advisers have, reportedly, committed suicide because of the increasing pressures put on the industry.

This is a combination of stress, financial pressure and adviser bashing.

But it's also that advisers are having to justify themselves and what they do.

It’s a salient warning to New Zealand advisers considering entering into the new regulated regime.

Make sure you can cope with the increased pressures that will come with compliance.

But also advisers, and others, have to do a much better job of telling people the good they do. If there was ever a time to see leadership and for people to stand up and advocate for advisers it is now.

To me transitional licensing looks too easy; Like the spider and the fly: "Will you walk into my parlour?  'Tis the prettiest little parlour that ever you did spy."

But there are other stories coming out of Australia about the pressures on advisers.

During the speeches during the traditional ANZAC adviser function at MDRT, an Australian adviser next to me made it clear they were just surviving.

Back in Auckland, at the recent Financial Advice New Zealand conference, chair of the Financial Planning Association of Australia Marisa Broome sat on a panel discussing culture and conduct.

Her message was don't follow us. User pays has been thrust on advisers and it's driving people out of business.

"I'd hate to see that model here," she said. "It's killing our business."

In one example she said it cost her $700 to file some documents last year; this year the cost was $7,500.

She runs a practice of six people including three advisers. Costs for regulation had increased from around $5,000 a year ago to $50,000.

Regulation meant she was losing her competitive advantage and the rising costs meant fewer people are now able to get access to advice. Remember in New Zealand this government and the previous one have said the changes to the Financial Advisers Act were all about making sure more people can access advice.

The takeout for New Zealand: Do not follow what has happened in Australia.

Fortunately, Financial Markets Authority chief executive Rob Everett was sitting on that same panel. Pity, neither the Minister of Commerce, Kris Faafoi, nor MBIE officials were there (from what I could see).