The Association of Superannuation Funds of Australia (ASFA) has launched a course to assist advisers and super fund employees in understanding clients’ needs following their retirement.
In a statement issued by the association, ASFA said the Certificate of Post-retirement course will focus on the risks in retirement as well as the development and delivery of income streams, retirement planning, aged care and estate planning."We have long advocated the need for financial advisers to have specialist knowledge when it comes to advising members in post-retirement,” ASFA chief executive Pauline Vamos said.“The Intergenerational Report shone a light on just how much the demographics of our population will change over the coming years.“For superannuation funds, this means more and more members moving from accumulation into retirement. This gives rise to a new set of challenges for call centre staff, product developers and financial advisers as fund members demand more information,” she said.Ms Vamos also said the course will “help spur innovation” in the retirement income stream product market.“[The course will provide] developers with a sound basis as to what this growing pool of retirees need and want from post-retirement financial products,” she said.“As a compulsory system, the superannuation industry and financial advisers have an obligation to make sure people moving into retirement are provided with the best advice, and the best service.”“Expanding the knowledge base and lifting the skills of our teams will help deliver a better experience and better outcomes for fund members," she said.
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
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