Survey sheds new insights on why individuals set up SMSFs

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An SMSF Association survey of nearly 800 SMSF trustees finds individuals are motivated by far more than costs or investment returns when deciding to establish a self-managed super fund. SMSF Association CEO John Maroney says: “The long-standing debate when comparing an APRA-regulated fund with an SMSF is typically restricted to a simple analysis of costs... Read more continue reading

Bold plan to reshape Australia’s financial system

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Australia’s financial services sector has come together in an unprecedented coalition to promote a transformation of the country’s financial system to prioritise prosperity for all, meet 21st century sustainability challenges, and position Australia more competitively within international markets. The Australian Sustainable Finance Initiative (ASFI) – comprising 80 organisations across major banks, insurers, super funds, civil... Read more continue reading

FPA responds to the Government’s release of the Retirement Income Review

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The FPA welcomes the Government’s release of the Retirement Income Review, which recognises the importance of financial advice to Australians planning for their retirement. The Review found that while Australia’s retirement income system is strong, it remains overly complex and requires greater balance between its three pillars of the age pension, superannuation and voluntary savings, including... Read more continue reading

Retirement Income Review throws welcome light on superannuation

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The SMSF Association welcomes the Retirement Income Review – a significant report that will provide policy evidence for the superannuation industry for many years to come. Association CEO John Maroney says it’s reassuring to the industry, and self-managed super funds in particular, that the Review has found the retirement income system is effective, sound and... Read more continue reading

ASIC Paper on affordable advice ‘a welcomed initiative’

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The SMSF Association welcomes the release of ASIC’s Consultation Paper, “Promoting access to affordable advice for consumers”, believing it to be an important step forward in addressing the vexed issue of consumers having access to quality financial advice in a cost-effective way. Association CEO John Maroney says: “It’s encouraging that ASIC is committing to consult... Read more continue reading

FPA launches Aged Care Specialist designation for financial planning professionals

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The Financial Planning Association of Australia (FPA) has announced the launch of the FPA Aged Care Specialist professional designation in collaboration with Aged Care Steps’ Accredited Aged Care Professional™ program. The FPA is committed to providing its members and the wider financial planning profession with the skills and resources to meet the needs of Australians... Read more continue reading

FPA names Semester 2, 2020 winner of Gwen Fletcher Memorial Award

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The Financial Planning Association of Australia (FPA) has named Jacob McCudden of Back To Back Financial Planners in Young NSW as the Semester 2, 2020 winner of the Gwen Fletcher Memorial Award. Named after the late ‘First lady of Financial Planning’, the award recognises the highest performing student in the CFP® Certification Unit (CFP C) for... Read more continue reading

Ground-breaking Rice Warner report to launch SMSF Week

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The SMSF Association’s SMSF Week, to be held virtually from 23-27 November, will launch a ground-breaking report by the actuarial firm Rice Warner about the costs of running an SMSF. The SMSF Association CEO John Maroney says: “In the face of ongoing public debate about the appropriate minimum size of an SMSF, and ASIC statements... Read more continue reading

Six-member SMSFs a step closer  

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The passing of the legislation to give effect to the increase in the maximum number of SMSF members from four to six is a step closer following the Senate Economics Legislation Committee’s recommendation that the Bill be passed. The Committee tabled its report this week after the Bill was referred to the Committee for inquiry... Read more continue reading

Does FASEA Code of Ethics signal defeat on accessibility of personal financial advice?

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While the draft FASEA Code of Ethics (the Code) is another step forward in the professionalisation of financial advice, The Advisers Association (TAA) believes the scope is too narrow, too constraining and at odds with its broader intent. “Given that the broader intent of the Code is to meet the expectations of ‘the Australian community’... Read more continue reading