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Page 17 - ஆஸ்திரேலிய விவேகமான ஒழுங்குமுறை அதிகாரம் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Collaboration needed for future financial advice

  We’ve sat in on thinktanks and joined in roundtables, we’ve made and read submissions and we’ve seen the Financial Services Council’s (FSC’s) green paper ‘Affordable and Accessible Advice’, following on from its 2020 ‘Future of Advice’ report. Various industry groups have lobbied politicians of all persuasions and consulted with the regulators.      Research has provided us with valuable insights. We know that many consumers both need and want financial advice. We know that people who receive advice value both the advice and their advisers. More than 90% of our members want to stay in the business.   Industry research also tells us that people prefer to receive personal advice. Even the Australian Securities and Investments Commission (ASIC) has noted many consumers prefer to deal with an individual face-to-face. This allows consumers to build trust and rapport, rather than interacting with a cheaper, digital advice using an algorithm from a large corp

Will the new super changes be enough?

Apart from the astonishing revelations of bribery and corruption from day one of the hearings, the Royal Commission claimed the scalps of superannuation giants including AMP, famously caught for knowingly charging the deceased for life insurance that could never be collected. The fallout in the banking and superannuation industry has been big. Part of the government’s response was the Your Super, Your Future reforms in the 2020–2021 budget. While people are divided on the result, all agreed that reform itself was way overdue. Superannuation funds manage massive portfolios of collective assets and investments. They are driven by the compulsory superannuation scheme introduced by the Keating-led Labor government in the 1990s.

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