Australians have been accused of living “more frugally” than they need to in retirement, but the reality when you talk to those nearing or in retirement is that there’s a lot of fear out there, according to Aware Super CEO Deanne Stewart.
Amid superannuation fund consolidation and a crackdown on poor member experience by the federal government, Roy Morgan research has revealed a near 10 per cent decline in member satisfaction. But overall satisfaction remains above its long-term average and pre-pandemic levels.
Sequoia has appointed former Synchron head of adviser support Jonathan Trapnell to assist the group in managing its education and licensee partnership programs.
Private wealth firm Integro Private Wealth completed its merger with financial planning firm Wealth Advantage at the end of last week.
Fiduciary service provider Equity Trustees gave out grants worth over $122 million in FY23, more than 32 per cent higher than the previous financial year.
Midwinter Financial Services has partnered with Scale Up Paraplanning, TNW Solutions, and Rocket Services to launch the Paraplanning Partners Program following a successful pilot phase.
Australia’s sovereign wealth fund delivered 6 per cent in the financial year ended June 30, in what its chair, former treasurer Peter Costello, described as a challenging environment amid persistent inflation. The Future Fund board continues to manage expectations, warning returns over the near term will be lower than the market and community have become accustomed to.
Funds are realising that meeting a member’s retirement income needs will likely require information, guidance and in some cases financial advice, combined with a product solution of some description. But Super-Rewards founder Pascale Helyar-Moray says ASFA’s retirement standard is not fit for purpose amid rising interest rates.
Russell Investments has expanded its sustainable managed portfolios to include multi-asset conservative, diversified 50, and high-growth options.
Community-focused advisory firm TISLife has joined Count’s national advice community.
The federal opposition says the government’s focus on legislating a purpose for the superannuation system fails to place sufficient priority on home ownership and the age pension, in breach of the conclusions of the 2021 Retirement Income Review. Shadow Minister for Finance and former AustralianSuper employee Jane Hume says a “purpose of retirement” debate would better serve consumers.
Amid criticism over its past performance managing the sector, the opposition has called on the government to take swift action on all 22 Quality of Advice Review recommendations to close out a decade-plus stream of regulatory reform. If need be it will seek a mandate from the general public at the polls.
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