Lack of specialisation hurting clients
|
|
The financial planning industry needs to produce more experts in the field of post-retirement, according to the chief executive of the Association of Superannuation Funds of Australia (ASFA), Pauline Vamos.
Speaking at the Financial Planning Association national conference, Vamos said she was concerned that financial planners weren't separating the retirement phase into individual aspects, and that was affecting the financial advice that was being given to clients.
"We have many phases of retirement, and my concern, particularly for post-retirement, is that it's treated as the one thing. Yet there's active retirement, passive retirement, and dependent retirement, and a single [investment] vehicle will not be appropriate for the whole time," she said.
Vamos also said the key to providing people with the best possible retirement outcomes in the superannuation space was for a super fund to maintain a good relationship with its members.
"For the average fund member, particularly those with four account balances, that relationship with their fund manager is key. The way funds provide that [relationship] will continue to change and innovate," she said.
Vamos said the move by super funds into the financial advice space provided key opportunities for financial planners. Many funds were already employed by financial planners, or fully outsourced their advisory services to a third party provider, she said.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
