AFA disappointed with Budget
The 2020 Federal Budget has no measures to reduce the cost of, or improve access to financial advice, and lacks measures to support self-funded retirees, the Association of Financial Advisers (AFA) has said.
The AFA said it was disappointed the Budget lacked in these areas but welcomed the individual tax buts and business tax incentives.
AFA chief executive, Philip Kewin, said: "In the middle of the COVID-19 crisis and the worst recession in a century, Australians really need financial advice and we would therefore have liked to have seen measures that reduce the cost and improve access to financial advice.
"People with access to financial advice make better financial decisions and have a better future and clearly that is what Australians need right now. Financial advice will help drive the economy forward.
"The pandemic has been very tough on self-funded retirees and our community of financial advisers has worked hard to help these people, many of whom have experienced a significant decline in investment income and investment values."
Recommended for you
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
ASIC wants to expand proceedings against Equity Trustees to seek compensation for members following Macquarie’s agreement to pay $321 million over Shield failings.
