In this conversation, Minister Jones shares his candid assessment of the progress in financial advice, discusses his goals for the industry, addresses criticism surrounding his approach to the Quality of Advice Review, and delves into the role of superannuation funds, banks, and insurers in shaping the future of advice.
Discover the minister’s vision for the advice industry and his plans to inspire young Australians to pursue careers in this field.
You’ll hear:
- Minister Jones’ reflections on his commitment to addressing industry issues and the progress made during his first year and a half in government.
- Insights into the legislative timeline for streams one and two of the Quality of Advice Review response.
- The minister’s views on consumer protection, Michelle Levy’s good advice model, and strategies to encourage funds to offer advice.
- The enactment of the experience pathway, its reception, and Minister Jones’ message to those who find it contentious.
A few issues with what he said:
Advice is more than helping people transition from work to retirement. I get his fixation with this (he needs their votes). This fixation (and his ties to the Industry super funds!) is making him focus on the super funds.
He doesn’t want backpackers providing advice but happy to have people doing it before they go to uni…and they essentially backpackers?
It all makes me think he, along with many other policiticans and lawyers, don’t actually know what financial advice is. It is not just selling products!
Saying all the right things which is nice compared to the last decade plus.But no doing, needs doing
Hopefully it is not a flawed draft. How many more advisers will leave in the month waiting for stream 1?
Very interesting interview, Maja. I’ve changed my mind, now. Seems like he’s very much aware of the crap we have to endure and is doing his best with competing priorities. I get the impression that he is aware of the tremendous value advisers have to offer. Looks I’ll have to withdraw my previously published scathing comments on him and his ilk. Whoops.
Legislate the quick wins/slow losses – yesterday. They’re not quick and the rest is pontificating nonsense. We are being ripped off with the asic levy, overcharged pi, paying for coslr, funding a compliance economy of lawyers and self professed ignorant compliance “experts” while wr are choked in red tape and layers of red tape clients hate. Give us some reprieve!! Stop drawing your feet. Initial qoar findings did not alter from final report and you’ve legislated nothing 18 months on. But on the counter point you removed the freeze in unfair asic tax to further steal from advisers while government and asic keep the proceeds of cases. Shame, advice costs just keep rising
His understanding of advice is so broken.
The problem in Australia, is the lack of financial literacy. We are in a retirement crisis, and younger Australian’s are loaded up with so much bad debt, through receiving poor advice. They do not realize they have made their biggest financial decision without seeking professional advice.
The best time to seek professional advice is when you’re young, before buying a home, before making any large decision, as you need to understand the impact these decision will have not only on your financial journey, but also your wellbeing, lifestyle and relationships.
For many the 1st time they seek advice is in Retirment and TBH, its a mess. Advisers pretty much have to work with what clients have and in 90% of the cases they are so under prepared. I would say to 8/10 clients have a massive shortfall in assets to fund their retirement. Hence why the downsizer strategy is so popular.
When i use to ask why have you left it to now to seek advice, their response would be, my superfund was looking after me lol, yeah right! That’s why you’re half a mill behind what you need to meet your lifestyle needs.
I first got personal advice at 19 and that first experience, lead me to become an Adviser. Between age 20-40 I was a big believer of ongoing advice, and as a result of spending the money to receive professional advice and investing in myself and my family’s future, I’m now retired at age 40.
A big thanks to my early Advisers/ Accountant who got me thinking correctly at age 20. I remembered the Adviser said to at age 19, “if you start young, learn the system quickly and make sound decisions, you can knock 5,10,15 even 20yrs of having to work for money”.
rant over!