FPA discusses ageing issues with Govt
TheFinancial Planning Association(FPA) has met with the Minister for Ageing, Kevin Andrews, to develop a long term approach to demographic problems arising from Australia’s ageing population.
According to the FPA’s senior manager of public policy Con Hristodoulidis, the government is seeking to apply a long-term view on policies associated with the ageing of the population rather than take a year-by-year approach as has been the case in the past.
Hristodoulidis says from 2007, the first of the babyboomer generation will turn 60 years of age placing increasing pressure on the health and social security resources of the Government.
Hristodoulidis says as the peak body representing financial planners, the FPA can make an important contribution to policy formation to alleviate such pressures.
“Financial planners are at the coal face and are in a position to give policy solutions,” he says.
Hristodoulidis says planners have first hand experience in the concerns babyboomers may have both over their retirement and the increased taxation levels they could face in the future.
Over the next nine to twelve months the FPA, in conjunction with the Minister, will assess what type of policies are needed so that 2010 does not become an unsustainable position for babyboomers.
“We will develop and road test policy with our members,” Hristodoulidis says.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
