The degree to which the Federal Government’s ‘simpler super’ has driven business into financial planning practices has been revealed by the latest AMP Capital Investors and Investment Trends research, which found planners expect to process an additional $6.4 million each into client super accounts.
The research, details of which were released today, prompted AMP Capital Investors head of private clients Giles Craig to point to the increasing workload of financial planners in the lead up to July 1 as investors sought to contribute even more to superannuation.
The research found that among those planners anticipating they will process more than $5 million in extra contributions for their clients over the next three years, 49 per cent expected to see some clients sell property.
It also found that among those financial planners who believed they would process less than $5 million in extra contributions for their clients over the next three years, the sale of investments or assets was expected to be the primary means of making additional funds available.
Investment Trends principal Mark Johnston said that if financial planners process the level of additional super investment they anticipate, this would equate to nearly $100 billion of extra funds flowing into superannuation across the industry over the next three years.
