The viability of Australia’s financial advice profession needs to be a priority for the new Prime Minister, Sentry managing director, Murray Hills believes.
Hills backed moves by Sentry advisers in writing to Prime Minister, Malcolm Turnbull, to express concerns about the impact of the three year responsibility period will have on small to medium-size practices.
“I have said on many occasions that most consumers understand and are aware how complex the financial world has become and for the need to seek the guidance of qualified financial specialists to provide them with value-for-money personal advice and peace of mind with strategies that safeguard their personal, retirement and wealth creation aspirations,” he said.
“The survival and growth of the personalised non-aligned financial advice sector and the concerns voiced by professional practitioners must be a priority for the new Prime Minister.”
Meanwhile, Industry Super Australia chairman, Peter Collins, called on the Prime Minister to examine ways to leverage superannuation to drive economic and productivity growth, as part of a shared vision for strong economic leadership.
“We have built one of the world’s best retirement income systems, but to realise its full potential and stay true to purpose, we must continue to build and refine our system,” Collins said.
“In recent times, policy directions have, perhaps unintentionally, begun to hamper super’s purpose and capacity to maximize retirement outcomes for the vast majority of Australians.
“Without a speedy recalibration of superannuation tax breaks and the age pension right across the income scale, nearly half of the population will be missing out on a “comfortable” retirement by 2055.
“The upcoming Senate Inquiry into the retirement income security for women will also provide a key litmus test to see if all parties can work together to debate and agree on much needed policy solutions.
“These are national priorities and a unified sense of purpose is essential.”
