FPA pushes for retirement planning focus
The Financial Planning Association (FPA) will encourage its members to focus more on retirement and post-retirement planning, according to FPA general manager of policy and government relations Dante De Gori.
Speaking at the FPA national conference, De Gori said aged care was a massive concern for the country as health and lifestyle improvements continued to increase life expectancies, and financial advice was critical to dealing with the issue.
"Undoubtedly, we will get to a stage where more aged care operators are going to be required, but also, fundamentally, the advice you provide in the context of retirement planning should also constitute what happens within retirement and post-retirement," De Gori said.
Family and intergeneration financial advice can play a role in this space, where many clients' parents need aged care, De Gori said.
De Gori reiterated calls for changes to tax laws and the Superannuation Industry Supervision Act to stimulate better product innovation to counter longevity risk issues.
Tax deductibility for financial advice would stimulate more Australians to seek financial advice, he said.
Rebates and offsets can be provided to help low-income earners who may not seek financial advice because of affordability issues, he said.
De Gori also urged FPA advisers to complement plans on the National Disability Scheme by providing the benefits and merits of life insurance to their clients so they don't rely solely on the scheme.
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