Letters of the month

“What is noticably absent in this excerpt of her discussion, is the real factor of intergenerational wealth transfer occuring over the next decade - forecasting 5,000,000 working people moving into Age Pension age. This includes the likelihood of the family home from the older to the younger generation being transferred, liquidated, and used to top up existing Super balances. Doing the forecasting with a reasonable RoR of 7% p.a., it doesn't take much in CC from SGC over a 10 year period if the balance is boosted from an injection of $1m sale capital from a family home wealth transfer. Further, it isn't unreasonable this is achievable from the sale value of the family home to gain $1m, given the extreme likelihood residential real estate will continue to increase in value over this same period at a rate of at least 4-5% p.a. There appears to be some holes in the critique offered on balance caps being out of reach to the majority of 35 yos, and therefore, an ability to carry this argument presented in the article as sustainable.”

Martin Longden

“There are many good points and sound arguments in this article, though what I take exception too and what this article and vested interest Education lobbyists seem to ignore, is that the vast majority of experienced Advisers, who had done thousands of hours of ongoing studies, who were held in the highest esteem by clients, had the highest integrity and who built vast knowledge, based on REAL WORLD issues that was way above anything a theory-based course could provide, were treated with contempt and due to them not having the latest degree qualification, by design, they were all to blame for the issues brought up by the numerous investigations. Blaming the iceberg for the sinking of the Titanic, was a great way to deflect the real issues and cause and makes as much sense as saying exceptional and vastly experienced Advisers, were no longer knowledgeable, or fit to practice unless they were subjected to hundreds of hours of additional theory, that all Advisers who specialised in Wealth protection risk advice could clarify, most of it had ZERO to do with the work being performed and to THIS DAY, still has ZERO to do with the work that is done for risk advice. The end result of NOT LISTENING to what is basic common sense anyone that stops to properly analyse would know, yet everyone chose to ignore, was for thousands of experienced risk Advisers who were the backbone of the Life Insurance Industry, to leave due to unworkable restrictions of trade that made no sense, would be a disaster and the result has been a cataclysmic failure and absolute financial chaos for ALL Australia. When Academia or the Legal Industry get the ear of Government and become the prominent Lobbyists, the END RESULT has always been to throw common sense and workable solutions out the window to the detriment of everyone except themselves and what we end up with is unworkable complexity that has nothing to do with how the real world works, which ANY thinking person that has even a cursory examination into the state of affairs in Australia, can see that the DOERS are being smothered by the vested interest red tape brigades of theory and Legal evangelists who pray at their alter and force us to listen and pay tithing, by regulating their way to Billions of dollars at ALL our expense. Ben has done a comprehensive study, though not comprehensive enough, as he forgets that "cause and effect" is THE most important part of any analysis. The fact that the end result of all this brave new world of more and more Education and Legal mazes of complexity, that has caused absolute financial chaos across all of Australia and ruined hundreds of thousands of lives for NIL benefit to Australia in Wealth protection, seems to have little bearing in the thinking of the zealots of change.”

Jeremy Wright

“Vanguard is fast becoming the enemy of the financial advice industry. They seem to actively want to undermine advisers.”

Chris Cornish

“"Uppercut" is an interesting choice of word, suggesting that the person using it is looking for a fight. Perhaps, instead of adopting a belligerent mindset, working with the group that represents a collective of associations representing almost the entire financial services industry would prove a more productive use of energy and effort.”

Wayne Leggett