FPA gets behind income stream law
TheFinancial Planning Association(FPA) has lent its support to improvements made to complying income streams legislation.
FPA chief Ken Breakspear says proposed changes to the Social Security Act which allow people with complying income streams to access their capital in emergency situations is a step in the right direction to improve the retirement income stream regime.
But he says that more changes are required to assist retirees attain acceptable conditions for retirement. The Federal Government, says Breakspear, should be exploring the introduction of a market-linked compliant income stream product.
The FPA says recent research shows that a market-linked account based style of complying pension for both social security and reasonable benefit limits (RBL) could have the potential to increase returns of the capital base of the income stream over in the long term.
This would be consistent with the Government’s policy objective of self-sufficient retirement incomes and would have a positive impact on the Government’s fiscal position, Breakspear argues.
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
