The Australian Labor Party is building a plan to reform advice according to Stephen Jones, the shadow minister for financial services and superannuation, but he needs the help of advisers to do it.
Fixing the advice gap is paramount, Jones tells
Professional Planner, when so many families are under economic pressure due to the pandemic. It’s time policymakers listened to advisers, however, instead of guessing at solutions.
“Working Australians are going through a time of immense economic uncertainty,” Jones says. “Without good financial advice, people are going to fall prey to predatory financial behaviours and bad products that cost them money and leave them in poverty.
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The government’s plans to push superannuation funds and schemes to offer retirement income solutions could spawn intra-fund strategies that test the existing boundaries of advice and guidance, an industry discussion has revealed.
A group of superannuation funds within the country’s largest by assets raised the possibility that proper retirement solutions fit uncomfortably with the existing advice and guidance frameworks at
Professional Planner’s parent Conexus Financial’s recent Retirement Conference.
Funds currently take a conservative approach to the provision of intra fund advice because what constitutes financial advice is not clearly defined, but the work being done by policy makers and the funds themselves to clear the way for the government’s Retirement Income Covenant will likely open new pathways for advice within super, the conference delegates heard.