The coronavirus crisis has highlighted membership cohorts within industry funds as a problem for Australia’s $3 trillion superannuation industry, with funds that have singular industry membership most at risk.
The best indicators tell us that happiness in retirement is more about relationships than pretty much anything else. For advisers, that means broadening the conversation into areas that have nothing to do with money.
The Grattan Institute's John Daley has said the COVID-19 impact will further strengthen the case against growing the $3 trillion super pool at the expense of the quality of Australians' every day lives.
Calls are mounting for trustees to delay implementation of new rules blocking advice fees from coming out of super funds, with advisers struggling to get client authorisations and government not sitting to pass the legislation until after the scheduled July 1 start date.
The minister wouldn't be put on the spot regarding any delay on regulatory changes for the advice industry, but did say she was working with regulators and industry to ease the compliance burden for advisers.