Social security top of mind
Queries on changes to the Assets Test affecting Age Pension eligibility are top of mind for financial advisers seeking technical and strategic support, according to Challenger.
The investment management firm found the top three queries during the December 2015 quarter were:
- Changes to the Assets Test from 1 January 2017;
- Impact of aged care rental income to residents; and
- Estate planning considerations around income streams and annuities.
Challenger general manager for advice services, John Carnevale, said "social security continues to be top of mind for advisers and their clients considering that around 75 per cent of Australians 65 and up qualify for at least a part Government pension to supplement their income".
"It's no surprise then that advisers are seeking clarification and support around how their client's strategies and potential Age Pension eligibility will be impacted by the changes," Carnevale said.
"More than anything, it's about being in a position to inform clients, have a conversation about what the changes mean and manage you clients' ongoing expectations."
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.
