Are advisers ready to satisfy clients’ advice needs?

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Advice businesses are undergoing transformation, and it is increasingly important for advisers to focus on meeting the strategic advice needs of clients. ASIC’s recent survey[1] on what Australians want financial advice on, offers insights on the real needs of clients and provides a guide for advisers to determine whether they are well prepared to meet […]

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The hidden cost of retirement

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Recent discussion in the media has suggested that the dollar amount needed for a comfortable retirement has been overstated. While it is true that many of us can get by in our retirement with less than the often-quoted recommendation of ‘at least a million dollars in super’, there are significant costs associated with ageing that […]

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White Paper calls for new approach to retirement planning

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The financial advice landscape has changed dramatically in recent years, particularly in relation to the stated requirement for advice to address likely future needs (see FASEA Code of Ethics, Standard 6). Nowhere is this more compelling than in retirement planning. The changing regulatory environment has combined with increasing longevity and frailty issues to raise the […]

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‘White knight’ of financial advice sector

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At a time when many have described the financial advice sector as reeling, and some advisers are saying they feel depressed and afraid about the future, there’s a good news story emerging from the wreckage – aged-care advice. The white knight of the financial advice industry may not be overtly sexy, but it’s steady, reliable […]

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Growing advice business amidst industry disruption

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Advisers and licensees distracted by developments in financial services may be overlooking an existing advice opportunity which is available to access a growing revenue stream. “The findings of the Royal Commission into financial services due to be released next Monday and other industry developments have left many advisers and licensees sitting on the sidelines waiting […]

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Pension Loan Scheme not assessable income

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Much excitement was generated by the May Budget announcement to extend the Pension Loan Scheme (PLS). “This proposed to allow full pensioners, part pensioners and self-funded retirees greater opportunities to use the PLS to top-up income – important particularly for clients trying to fund aged care” explained Louise Biti, Director at Aged Care Steps. The […]

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Legislative change in aged care requires advisers to have access to the right tools

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Legislation is subject to constant change and new opportunities arise as a result. Even changes that are not directly related to aged care could create new strategy options for aged care. “Many clients moving into residential care may decide to sell their homes. The 1 July change to superannuation contribution rules provide an opportunity for […]

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Licensing rules limit advice on the Pension Loans Scheme

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Financial planners will be limited in providing advice on the Pension Loans Scheme (PLS) unless they are adequately licensed. Louise Biti, Director at Aged Care Steps said, “We identified a potential licensing issue and have now confirmed that the Pension Loans Scheme will come under Australian credit licensing rules”. Aged Care Steps asked the Financial […]

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Impacts of the 2018 Federal Budget

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The Government handed down the 2018 Federal Budget on 8 May. With an ageing population and baby boomers starting to head towards care years there was a major focus on aged care and helping retirees to improve access to income. Personal tax changes also featured, but with a long lead-in time.[1] Impacts for aged care […]

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Survey reveals how aged care will be become an increasingly important topic of conversation

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Aged care will shift the landscape for financial planning and will become an increasingly important topic of conversation for advice professionals and consumers as revealed by an industry survey conducted jointly by Aged Care Steps and Swiss Re. Assyat David, Director at Aged Care Steps said “The survey results have wide reaching implications affecting consumers, […]

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