Future planning helping Australians stay in control

Taking control of financial planning during uncertain times such as the COVID-19 pandemic is proving greater benefits than “simply building a better monetary nest egg”, according to a retirement planning agency.

The Moreton Group said increased peace of mind and work satisfaction are just some of the benefits Australians are experiencing by getting their finances in order.

“Over the last two years people have been worried about their jobs, their income may have been affected, and for many the retirement plan to simply travel around the world is in chaos,” The Moreton Group financial adviser, Trent Klein, said.

“We are finding that sitting down and planning it out a bit better eases the mental strain. It is also putting people in a better position to adapt and change throughout retirement, especially if they or their partner becomes ill, which is currently a much bigger concern for aged citizens.”


Mr Klein added that future planning is an even better experience when engaged with a financial adviser.

“Planners also show a better transition into retirement because they are better prepared about what is going to happen and how COVID-19 might impact that,” he said.

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“They are simply giving themselves time to get used to it by planning it.”

It comes after Challenger Life general manager of retail distribution, Luke Cheetham, noted the huge opportunity for advisers coming with the incoming retirement income covenant.

The covenant, set to take effect from 1 July 2022, will require superannuation trustees to plan and outline a retirement strategy for members.

“So there’s going to be a huge demand for fit for purpose product innovation, delivered through quality advice, that’s specifically designed to, manage tax status and also give consideration to liquidity risk, to longevity risk, inflation, and market risk,” Mr Cheetham said on the latest episode of the ifa Show.

“We know from research that those who are engaged with an adviser, they have an active plan, they have a current plan, they generally feel more informed, they’re better prepared, they have greater confidence about their retirement and therefore they worry less and when we know they worry less, they enjoy more.”

Listen to the full podcast with Mr Cheetham here.

Future planning helping Australians stay in control
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Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.

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