Chalmers says Jones is ‘looking forward’ to hearing advisers’ views on QAR

Speaking at an event in Sydney on Monday, Treasurer Jim Chalmers touched on the greater need for financial advice in the context of superannuation. 

The Treasurer said that the superannuation sector’s ability to meet the growing demand for better returns, bespoke strategies, and improved service offerings hinges on a “steady pipeline” of “high-quality financial advisers” — a demand, he said, the government is actively “responding” to.

“Stephen Jones is leading work to provide a clear path for experienced advisers to stay in the industry and for new entrants to come in,” the Treasurer said at an event also attended by the Financial Services Minister.

Noting the Quality of Advice Review (QAR) “has been released”, Mr Chalmers said: “I know that Stephen is looking forward to hearing your views on the best way forward”.

“As Australians retire with more income than ever before, it is vital that they have access to quality and affordable advice,” he pointed out and reflected on the fact that over the next 10 years, as many as 3.6 million Australians are set to enter retirement. 

“This means a growing number of Australians will need information and strategies to plan for the retirement they deserve and rapidly.”

Pivoting his speech towards technology, Mr Chalmers said digital could help advisers service this influx of clients.

“If used well, with the correct consumer protections, it could offer new ways to provide high-quality, cost-effective advice at a larger scale,” he said.

“And just as digital solutions will be a source of competitive advantage in financial services — the same goes for the broader economy.”

While Mr Chalmers vowed to create the ideal conditions for digital adoption, he also commended the super and financial services sectors for their strong adoption of digital technology, which has surpassed that of other sectors in the economy.

Although Mr Jones is believed to have attended the same speaking opportunity as Mr Chalmers, his speech has yet to be made available to the media.