Victorian Gov't underwrites financial counselling
The Victorian State Government has given $1 million to help with financial counselling for bushfire victims.
The financial counsellors will assist affected residents to assess their financial position, access key services and rebuild their lives and livelihoods.
Victorian consumer affairs minister Tony Robinson said counselling was vital as residents rebuilt their lives after the worse bushfires in living memory.
“Financial counsellors will be sent to areas hit hardest by the bushfires to advise residents on how to make the most of their Rebuilding and Recovery Grants from the bushfire appeal,” the minister said.
“From deciding how to use their grants to dealing with problems with personal loans and insurance claims, residents of bushfire-affected areas need extra support.”
The funding will pay for 12 extra financial counsellors through the Community Service Hubs operated by the Department of Human Services.
An information resource kit will also be produced to complement financial counselling services, containing important advice on financial decision-making and debt management.“Assisting families to make good decisions about their financial futures after the bushfires is exactly the kind of support they need to move forward and start the rebuilding process,” Robinson said.
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.
