Financial planners get voice at superannuation roundtable
The financial advice industry may have been denied a significant voice in consultations around the Stronger Super changes, but it has been given a solid voice on the Government's forthcoming superannuation roundtable.
The central voice for the financial planning industry will be Financial Planning Association chief executive Mark Rantall, but as well, there will be SMSF Professionals Association chief executive Andrea Slattery and Financial Services Council chief executive John Brogden.
Also weighing in will be a representative of the Joint Accounting bodies, Institute of Actuaries chief executive, Melinda Howes, Council of Small business of Australia executive director Peter Strong, and Association of Superannuation Funds of Australia chief executive Pauline Vamos.
On the other side of the equation, the Industry Super Network is represented by chief executive David Whiteley, alongside ACTU president Ged Kearney, Australian Institute of Superannuation Trustees chief executive Fiona Reynolds, Australian Council of Social Services chief executive Dr Cassandra Goldie, and Association of Women in Super representative Cate Wood.
The roundtable will be chaired by the Minister for Financial Services and Superannuation, Bill Shorten, but the Federal Opposition has dismissed the roundtable as another example of the Federal Government "fiddling".
The Shadow Assistant Treasurer, Senator Mathias Cormann said that instead of setting up another review, the Government "should implement the many outstanding recommendations of the Cooper and Ripoll inquiries".
"In particular, it is high time Labor implemented the Cooper Review recommendations to improve transparency and corporate governance standards in superannuation," Cormann said.
Announcing the roundtable, Federal Treasurer Wayne Swan said that as part of its initial work it would consider compliance cost issues relating to the new higher concessional contributions cap for individuals aged 50 and over who have less than $500,000 in superannuation.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
