Planners need to access wide expertise
Financial planners need to access a wider range of services to be relevant in meeting the increasingly complex financial management needs of Australians, according to Equity Trustees managing director Robin Burns.
He said the formation of business alliances and partnerships between trustee companies and financial planners would give their clients access to additional areas of expertise. This would allow planners to expand their service offering and bring them to a wider client base whilst addressing the changing financial needs of clients over their investment lifecycle.
"For individuals, continuation of service is an issue of ever-increasing importance as Australians seek support and advice throughout their various phases of retirement, as well as during their wealth accumulation years," Burns said.
He said Australians today had a life expectancy greater than their grandparents, which intensified the need for offering continuation in a range of financial services — especially in the areas of estate planning and aged care services.
"Retirees in particular need access to support services that range through matters like managing personal finance and estate affairs, negotiating the myriad of regulations that can enhance or damage wealth, setting up appropriate investment vehicles, finding suitable aged accommodation, and operating an enduring Power of Attorney," he says.
Through partnering with trustee companies, financial planners bring together the diverse skills needed to maintain and grow a personal estate and reduce investment risk to their clients, Burns said.
"Investors are finding that they can't be reliant on the skills and honesty of one person, but need access to a broad range of specialist skills and knowledge," he said.
AUTHOR
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
