Simpler super may attract $100 billion: AMP
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.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
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.
