Australian Retirement Trust (ART), one of the nation’s largest superannuation funds, is welcoming the Federal Government’s proposal to overhaul how Australians access financial advice.
Together with AustralianSuper, ART has been advocating together on a sensible middle path that expands access to advice and maintains important consumer protections. This package as drafted should deliver on that for superannuation members and financial consumers more generally.
The Federal Government has announced their proposal of a new model which will allow superannuation funds to expand their offering of financial advice as millions of Australians start moving into the retirement phase of their life.
Australia Retirement Trust's Executive General Manager of Advice, Guidance and Education Anne Fuchs welcomed the government's announcement.
"This is a transformative announcement for the industry. As one of Australia’s largest funds we’ve been advocating on behalf of our 2.3 million members to get improved access to professional financial advice and this timeline for draft legislation is an important milestone," Ms Fuchs said.
"With millions of Australians transitioning to retirement over the next decade and economic challenges predicted to continue, access to financial advice will play a key role in the financial wellbeing of Australians.
"We believe the broad range of proposals will support super funds to deliver more affordable and accessible advice for all Australians.
"We’re here as a retirement partner, to help Australians plan and retire well with confidence. We believe that delivering that involves a lifetime of education, guidance, advice and intelligent product solutions.”
The new model will:
- Clarify the topics that superannuation funds can charge for advice on and the circumstances they can consider.
- Allow super funds to provide helpful 'nudges' to members to drive greater engagement with superannuation at key life stages.
Consultation is now underway with legislation expected to be drafted early next year.