Financial advisers may be set to benefit as Australians come to terms with the raft of changes to the superannuation system announced by the federal government on Friday.
Treasurer Wayne Swan and financial services minister Bill Shorten revealed a number of new policies within the superannuation area, including changes to the concessional contributions caps and an extension of the normal deeming rules to superannuation account-based income streams.
As Australians come to terms with the changes announced, they may look to financial advisers to help them take advantage or minimise any negative impacts of the changes, a Brisbane-based planner has told ifa.
Rodney Bukuya, an authorised representative of WealthSure who trades as ‘The Super Guy’, says the “requirement for advice has just increased”.
“Australians will now become more aware of the importance of preparing for their futures; the changes have put the spotlight back on super,” he said.
“People who ignore these changes are going to pay the price, but to truly understand them and implement them to their advantage they will need to speak to an adviser.
“Currently only five per cent of Australians have sought professional advice on their super so we’re starting from a very low base, but once word gets out on the benefits of the [superannuation changes] it will definitely lead to benefits for the financial advice industry, as well as for consumers, so it’s a win-win.”
Meanwhile, Centric Wealth has put out a statement listing the elements of the announced policy it says are most likely to impact advice clients, including the tax exemptions and concessional cap changes, ‘defined benefit funds’ stipulations and reform of arrangements for lost super.
For a detailed summary of the super system changes, see InvestorDaily’s coverage of the announcement.
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