Chalmers pumps digital advice, alludes to experienced pathway
Financial advisers sweating on some clarity from the Federal Government around the “experienced pathway” have been given some hope by the Treasurer, Jim Chalmers.
Chalmers, announcing the release of the consultation paper on the objective of superannuation, took the time to specifically reference the situation surrounding the experienced pathway and the work being done by the Assistant Treasurer and Minister for Financial Services, Stephen Jones.
However, at the same time, he pointed to the use of superannuation funds to deliver financial advice and the role of digital advice in terms of making more affordable.
“The top 13 super funds hold around 80 per cent of members – so building the ability to offer advice at scale is critical,” he said. “And these members are demanding more of you – they want better returns, bespoke strategies, and improved service offerings across the board.”
“The sector’s capacity to deliver on this demand is going to depend on a steady pipeline of high-quality financial advisers – and we’re responding,” Stephen Jones is leading work to provide a clear path for experienced advisers to stay in the industry and for new entrants to come in.”
Chalmers also referenced the further consultation initiated by Jones around the Quality of Advice Review (QAR) and said that as more Australians retire they would need to have access to quality and affordable advice.
“This means a growing number of Australians will need information and strategies to plan for the retirement they deserve – and rapidly. That’s where digital could help.”
“If used well, with the correct consumer protections, it could offer new ways to provide high-quality, cost-effective advice at a larger scale. And just as digital solutions will be a source of competitive advantage in financial services – the same goes for the broader economy.”
Who pays for the screw ups??
Oh the usual patsy. Advisers.
How’s the CSLR going Jimbo.
“members…….want better returns, bespoke strategies and improved service offerings.” I only live in the “real world” but 2 out the 3 demands from members are not scalable, so how is digital going to help them? PR consultants are the masters of motherhood statements! Next thing, we’ll read about government wanting to improve health, education and the everyday Australian.
100% correct…
Digital “bespoke” offerings through Industry funds are limited to the capabilities of the fund product, which does not have any “bespokeness”. 😛
Obvious, excepting to the Oblivious!!!
Stop dragging your heels and legislate QoAR
How long will it take for a Robo Advice RC ?
Hot on the heals of the LNP / Scomo Centrelink Robo Debt RC scandal
Unless Advice mass BS over regulation is at least 50% wiped, Robo Advice has zero chance, even then not much chance.
Question Mr Charlmers, please provide detailed evidence of successful Robo Advice anywhere in the world ? And at what cost ?
Robo advice for older Australians ! Yeah right that will work…. I advise a lot of retirees and fuddling on the internet is some that they just do t want to do… getting emails and surfing the net a little is about the most they want to do…
Throw the QAR in the bin and utilize and talk to Planners. All we’re doing is replacing Banks with Super funds. Those Super funds are heartless and masters of selling and will make Banks look like a work experience kid. I don’t really care what this guy thinks about Super. Hilarious, to think the Treasurer of Australia actually has to seek guidance and approval from his Masters, these Super fund over-Lords.
I think the government is more interested in getting the Voice to Parliament sorted for Indigenous Australians, instead of doing something for our industry. I’m just wondering if the Indigenous council will be filled by White and Asian Australians, as opposed to Indigenous Australians!!!
Even though I am someone who would benefit from the experience path way, I am disgusted it is still being considered.
I have put my blood sweat tears and weekends into getting my quals up to the required standards and done my part to drag this industry towards a profession.
Any one who chooses not to do these qualifications can not argue we should be called a profession and have the benefits that go with it
I totally agree and would like to add the $ spent on uni fees as well
Once QAR gets up it’s going to be a real shame in a few years you could get a job flogging product in a Super fund and call yourself an Adviser without any qualifications.