- April 22, 2022
- Presentations, Technical Resource
- Ethics, Regulators
The demand for retirement advice is higher than the demand for other areas of advice. But it is also more expensive and complex to provide than other areas of advice. Retirement advice is also fundamentally different to accumulation advice, yet the industry ‘advice toolsets’ have predominantly focused on the former. Advisers find the system, processes, and tools lacking – making it difficult and costly to provide full and complete retirement advice…so, many don’t.
There is a need to evolve and reshape how retirement advice is delivered, and provide the requisite retirement advice education, capability and tools required by the adviser. There is a catalyst for change and a case for a strong community of key stakeholders to come together to look at the problem and to solve it.
This symposium brings together stakeholders from across the advice, academic, and financial services sectors to explore the issues and challenges faced by advisers in delivering retirement advice, and to tackle the affordability, profitability and unmet advice need quandary.
Dr Deborah Ralston will be joined by other panel members to explore the big picture problem and the advice opportunity. Research, to be released during the conference, will be used to explain the retirement advice ecosystem and the importance of a collaborated solution with practices, licensees, product providers and other stakeholders.
The panel will use the conference case study to demonstrate how intergenerational advice can be provided, and to contrast early and late-stage retirement advice. The panel will consider how retirement advice can be provided with the entire family unit in mind and will explore the vast differences between providing retirement advice to a self-funded retiree and a client who may be eligible for at least some aged pension. Along the journey, frictions and irritates in the advice production process will be aired and hopefully resolved!
At the end of this session, you will be able to:
- Explain the current issues and challenges faced by advisers in delivering retirement advice;
- Identity the advice opportunity and the profitability and affordability challenge;
- Understand the retirement advice ecosystem and key stakeholders, and;
- Compare and contrast early and late-stage retirement advice.
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association