Financial advisers are focused on helping their clients navigate super contributions, conditions of release or withdrawals, transfer balance caps and home ownership issues, according to the latest data from AMP Advice.
In a media release from AMP, it referred to data from the advice network’s technical service TapIn which received more than 10,000 calls and email queries from financial advisers over the last year.
Almost one in four (24 per cent) questions that AMP received from advisers related to super contributions and dealing with a death benefit, with one in fifteen (6.3 per cent) queries relating to concessional contributions.
Some three in five (59 per cent) Australians aged 50 and over said they wished they’d started planning for retirement earlier in life and over half (52 per cent) did not know what a retirement income product is.
Almost one in three (31.3 per cent) were extremely concerned about whether they would be able to afford aged care.
In addition to concessional and non-concessional superannuation contributions, the most common topics raised by AMP’s adviser network this year were condition of release or withdrawals (340 queries), transfer balance cap (309 queries), dealing with a death benefit (292 queries) and home ownership issues (228 queries).