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Advisers have most queries on super
Adviser queries relating to superannuation have surged 50 per cent since last year, according to BT Financial Group (BTFG).
BTFG said super advice and specialisation was brought to the fore thanks to the Federal Budget's super changes, the maturation of the super system, and the ageing demographic and increasing life expectancy.
BTFG's head of financial literacy and advocacy, Bryan Ashenden, said: "More advisers are seeking support around super and more advisers are providing super expertise generally".
"The spike in adviser inquiries around super, and specifically the Budget changes shows two things. First, advisers are acutely aware of what the pending changes are," he said.
"Secondly, advisers are keen to engage with their clients around the coming legislative change to strategic advice, and how their clients will be impacted."
Ashenden said when talking to clients, advisers should advise that the Budget changes will happen, super remained one of the best investment vehicles, and to not sit back and wait for July 2017 to deal with the new rules.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
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.
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