POWERED BY MOMENTUM MEDIA
Advisers confused by constant super reform
Super contributions are among the most common queries asked by financial advisers followed by transfer balance caps, according to AMP.
The firm offers a technical service for its advice network called TapIn, and shares the queries it has received over the past 12 months.
Almost a quarter are related to concessional and non-concessional superannuation contributions as older Australians approach retirement age and navigate their retirement finances.
A client’s eligibility for non-concessional contributions is impacted by several factors, including the trigger age, the timing of the acceptance by the trustees and the remaining capacity for the following age, meaning it can be a complicated process.
Research by Australian Ethical this week found advisers who are actively engaged in the wealth transfer as their clients move into the decumulation stage see higher retention rates and greater client satisfaction.
Other popular queries for AMP include release of withdrawals, the transfer balance cap (TBC), dealing with a death benefit and home ownership issues.
The queries echo findings from BT which said popular questions received by their technical services team in the third quarter of 2023 included carry-forward concessional contributions, bringing forward non-concessional contributions and the indexation of pension thresholds.
Overall, the AMP service received more than 10,000 calls from advisers over the period, it said. It also provides resources such as factsheets, webinars and industry events.
AMP head of technical strategy and TapIn, John Perri, said: “The only constant in superannuation is change and we have witnessed a growing number of calls from advisers around what the latest in superannuation reforms and regulations mean for their clients.”
Matt Lawler, AMP group executive for advice, added: “TapIn’s regular data and feedback directly complements our value-added services and shines an important light on the key questions and challenges faced by advisers and their clients today.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
