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.
This is an exercise in lip service by Jones, everyone knows it. And Why would Jones listen? Our declining numbers essentially make us irrelevant. Simply, there is to few us. to be considered a Lobby/ force to be reckoned with (Like mortgage brokers were over commissions)
And there is likely to be a lot less over the next few years. If nothing more than from natural retirement. Let alone education.
The writer below sums it up so well….
“Yes the war on super is over – the industry funds have won, and yes, the war on advice is over, the industry superfunds have won”
Not showing this interest in hearing from advisers yet…..
It has already been too long. What is happening ? Too little, too late.
I think the title of the article should be changed to say Jones looks forward to ignoring advisers views on QAR.
Gaslighting is a form of psychological manipulation in which the abuser attempts to sow self-doubt and confusion in their victim’s mind. Typically, gaslighters are seeking to gain power and control over the other person, by distorting reality and forcing them to question their own judgment and intuition.
The term “gaslighting” comes from the 1938 play Angel Street, which Alfred Hitchock later adapted into the film Gaslight, in which a man tries to convince his wife that she is going insane so he can steal from her. When he turns on the lights in the attic to search for her jewelry collection, and the gas lights dim downstairs, he tells her it’s all in her imagination. Gradually she begins to question her own memories and perceptions.
So, the point of the analogy is, the Labor government is all about ensuring the Industry superfunds own the provision of advice to the mass market and fully qualified financial advisers get those who can afford it. Any rhetoric that talks to ordinary Australian’s need for low cost quality financial advice (while fintech is still finding its feet) is not talking about qualified financial advisers. The Quality of Advice Review supports this two-tier model.
Yes the war on super is over – the industry funds have won, and yes, the war on advice is over, the industry superfunds have won.
Well written! And yes in my view you are entirely correct.
Yes, well written.
Yes, we’ll hear you. And ignore you….
Hearing from but not really listening to advisers nor taking on our thoughts.
While Mr Chalmers vowed to create the ideal conditions for digital adoption…….. yeh yeh yeh, digitial adoption is just Product Flogging dressed up as Robo Advice.
[b]Hey Mr Chalmers, how about vowing to create the ideal conditions for Real Advisers to give Real Advice. [/b]