Advised families have additional $240K at retirement

great piece of work here thanku Sunsuper and Coredata for spending the time and money, proud to be a financial planner improving the emotional and financial well being of my clients !!

o here we have a study of the impact of financial advice. So lets consider this further. If these folk have such an outcome as the article eludes to, they would be better educated in terms of financial literacy by their adviser. This benefits the client with little matters like debt reduction, risk management asset accumulation in super and outside such that perhaps that they do not need a government pension which comes at the expense of taxpayers.
If their estate planning was in order, then their assets are protected to ensure family wealth is maintained for their children and grandchildren. Okay, so perhaps I’am being an idealist. Consider also that the
bottom line hear then would be that Australian would be better of if all Australians had access to affordable quality advice
But this is not where we are at. For most Australians are coming out with an underfunded retirement outcome such the level of dependency on an age pension is increasing and government constantly having to cut back entitlements to any form of support which leaves many in a state of despair in retirement. In October 2016, the Australian Council of Social Services reported that 13.3% of folks are living at or below the level of poverty. Many families are doing it tough.
As for our industry, we are tied down to compliance on steroids such that many cannot afford the cost of advice when they need it. Complex legislation is created to make pensions harder to qualify while taxes are raised to fund expenditure at a government level which is getting out of control. Our economy is now beholden to the whims of the property market which is extremely concerning and one wonders if a repeat of Spain, the USA and Ireland will repeat here if the property bubble bursts. Our debt as a nation is now moving beyond $500 Billion and with an ageing population, recession abounds. One only needs to think of Japan who has been in stagnation for over 20 years. Will we follow ?
Visionary policies to encourage growth and a self sustained outcome financially is what many aspire to. But with lousy leadership in Canberra such that many are feeling disgusted by both political parties and frustrated by their inertia on anything as they approach matters not from a sense of a better outcome for the people that put them into office but from an ideological sense is not government in the best interest of the voter.
As for our associations, the FPA and AFA along with the many accounting fraternities, it seems their loud collective silence also beggars belief. They do not champion the cause of the adviser, but instead also jockey for position to carve out an existence that would keep their entities alive while throwing many that subscribe to them under the bus.
This item today highlights the merit of advice, That it can bring about life changing outcomes not only for the clients we represent as IFA’s but also for a nation. Many in our industry are inspirational leaders and seek to mentor their clients through prudent advice. This takes vision.
This vision is lacking in our industry and our malfunction nation. Australia.

Ahh the value of advice, who would have thought it….. makes those stupid ads from Union Super where you get a small benefit of $30K- $40K over the same period pale in comparison. The issue is that super is only one aspect of the advice that financial planners provide. Union Super are a one-trick pony, they only ever focus on one aspect and ignore the rest.