An industry body says the advice sector has an important role to play in helping clients understand what the government’s many recently announced coronavirus stimulus measures mean for them.
In a statement released on Wednesday, AFA national president Marc Bineham said advisers were here to help their clients in the short and long term, which would involve detailed conversations in the coming weeks around how to take advantage of new payments offered due to the COVID-19 crisis.
“People who lose their jobs, have to close their businesses, or whose income and investments are taking a hit because of the sharemarket volatility associated with this pandemic are obviously extremely worried, and rightly so,” Mr Bineham said.
“But we are here to help our clients through this. In the short term that is likely to be about helping them understand the new options put forward by the government.
“The financial advice community has helped thousands of people through very serious financial crises in the past, including the GFC, and together we can and we will help people get through these troubled times again.”
AFA chief executive Philip Kewin particularly welcomed the introduction of the government’s JobKeeper payment this week, which offered businesses that had been impacted by the crisis up to $1,500 per fortnight over six months for each employee they retained.
Mr Kewin said the payments were important to keep businesses afloat and employees in jobs, but also to boost mental health by keeping employees feeling connected to a regular routine.
“Importantly, it helps to retain the employer-employee relationship, which is vital not only to retain future jobs but also to maintain a sense of connectivity and community in a time of social isolation,” he said.
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