Produced in partnership with Allianz Retire+
Financial advisers have long played a critical role in helping Australians grow their wealth, but there is now a significant opportunity to better serve clients who are nearing or in retirement, according to Justine Marquet, head of technical services at Allianz Retire+.
“Australia’s retirement system is recognised as one of the best in the world, and now we’re seeing a generation approaching retirement with meaningful balances, thanks to decades of SG contributions,” Marquet tells Professional Planner.
“There’s been extensive education around building wealth – but there hasn’t been the same level of focus on helping people understand how to convert that wealth into sustainable retirement income.”
Since the introduction of compulsory superannuation in 1992, the financial services industry has largely focused on accumulation: gathering assets, managing investments and delivering strong returns. And while this has led to world-class retirement savings outcomes, Marquet says the next frontier is ensuring those savings translate into better lives in retirement.
At the 2024 launch of the Mercer CFA Institute Global Pension Index, which compares the retirement systems of 48 countries, Australia was ranked sixth, earning a B+ rating. However, the report’s author David Knox noted that Australia was the only country in the top 10 without a strong policy focus on income in retirement.
“A focus on retirement income is the most significant improvement we can make to our system and the lives of Australian retirees as they live longer,” Knox said.
Marquet agrees. Since joining Allianz Retire+ in 2023, she’s been focused on providing deeper technical support and retirement expertise to financial advisers. Her appointment reflects a broader industry shift, with many financial services organisations creating senior roles dedicated to supporting advisers as they guide clients through decumulation.
“Historically, adviser education has centred on wealth creation. But retirement is different – and it requires a different mindset, different conversations, and different tools,” she says.
Government policy is also catching up. The Retirement Income Review and the Retirement Income Covenant have helped sharpen focus across the industry. At the same time, making financial advice more accessible and affordable remains a critical goal.
“The [government’s] Retirement Income Review and the Retirement Income Covenant has been a massive step forward and helped to sharpen the focus on retirement,” she says.
“Bringing down the costs of advice so more Australians can benefit—and making advice and information easier to access across the board – is going to be really helpful.”
She believes retirement advice needs to go beyond just assessing a super balance.
“Good retirement outcomes require a full-picture approach that considers a person’s age pension entitlements, investments, income needs, health outlook, and more. That’s why advisers are so important in this next phase.”
Marquet says she’s seeing more licensees and practices explore retirement-specific solutions, along with a growing appetite for partnerships with product providers to create more robust and flexible income strategies.
“There’s definitely a place for simpler advice models, but we also need to find ways to deliver comprehensive advice affordably,” she says. “We need to be able to nudge clients appropriately into the right solutions and help them build confidence as they transition into retirement.”
Fear of running out of money remains a major hurdle. According to the Financial Services Council’s Retirement Income Policy Roadmap, Australians risk underspending in retirement by as much as $400 billion due to unfounded fears of longevity risk. The roadmap outlines reforms to advice accessibility, regulatory settings, and the development of innovative income products.
If implemented, these reforms could improve retirement incomes by 10 per cent per year and boost overall spending by nearly $400 billion by 2050.
Marquet sees a major role for advisers and product providers in solving these challenges.
“There’s more volatility in markets, people are living longer, and the cost of living is rising – making it harder to plan,” she says. “And retirees are often more engaged with their finances, checking balances regularly. Without advice, that can lead to panic-driven decisions.”
For this reason, she says solutions that deliver income for life – while addressing sequencing risk, longevity risk, and liquidity needs – will become increasingly essential.
“Advisers want to provide clients with peace of mind. That means working with providers who can offer flexible, innovative strategies that give retirees confidence and certainty.”
As Australia’s retirement landscape continues to evolve, financial advisers are set to play an even more pivotal role – not just helping clients retire with wealth, but guiding them to use it well.
“By focusing on outcomes, advisers can help clients turn retirement into a confident, secure and fulfilling phase of life,” Marquet says.
As Australia’s superannuation system enters a new era, the focus is clear: helping members retire not just with wealth, but with confidence, certainty, and peace of mind. With continued innovation, strong partnerships, and a commitment to member outcomes, the industry is poised to set new global standards in retirement.
