Access to high-quality advice for consumers will be a key priority for the Labor government, according to shadow minister for financial services, Stephen Jones.
Speaking at the Association of Superannuation Funds Australia conference on the Gold Coast, Jones said Labor wanted to ensure advice was affordable to consumers.
“We will seek to fix the mess the Government has made in financial advice
“Australians have never been retiring with more wealth but they have never found it more difficult to get advice they need to make those retirement savings work for them.
“We want to ensure that Australians can access high-quality, safe, professional advice at a price point that works for them.”
His comments followed research by Adviser Ratings that found the average cost of advice had risen 40% in the past three years to $3,256 while 100,000 people had been orphaned or ceased receiving advice.
Meanwhile, he said it was important to end the ‘super wars’ between different parts of the superannuation industry.
“We see an important role and a strong value in a competitive retail sector. Competition, innovation and performance, bringing new ideas or new products to the market and new ways to serve our customers. This has got to be a part of the future of our system and it will be enhanced by a strong retail sector,” he commented.
“We want to see strength in all superannuation funds. A rising tide lifts all boats.”