Income protection, cash flow management and portfolio diversification are important areas this emerging segment of client which has the highest household income of any other group wants advice on, a new study shows.
Providing quality outcomes for Australians in retirement requires more coordinated thinking and a collective push for a retirement advice framework to become mainstream. With a greater sense of urgency, a group of influencers in wealth management bring their next-level thinking to the table.
The influential policy specialist has called for the Financial System Reform Act to be completely rewritten, noting that legislation has not kept up with technology and changes in thinking, particularly among the next generation of clients, during a panel discussion at the SMSF Association national conference.
Placing too much emphasis on the current day tax advantages of SMSFs, rather than the eventual retirement payoff, can increase the risk of breaching the sole purpose test according to CFS technical lead Craig Day.
The largest portion of complaints relating to investments and advice (32 per cent) are passed on by AFCA because they land outside the complaints authority’s jurisdiction, AFCA's 2020 complaint data shows.
If the biggest indictment on the industry to date has been fees-for-no-service then the next big test for advisers will be demonstrating value for service in their investment proposition, especially if clients are being separately charged for that service. Neil Younger writes.