Retirement
New super rules drive demand for better advice
One financial adviser says that those looking to optimise their superannuation in the wake of new legislation will want to talk to an expert before doing so.
New super rules drive demand for better advice
One financial adviser says that those looking to optimise their superannuation in the wake of new legislation will want to talk to an expert before doing so.
The passage of the Your Future, Your Super reforms means big changes for the sector, but some experts suggest that these shifts will also boost the need for professional financial advice.
KDM Financial & Estate Planning senior partner Luke Marshall said that while super is often considered to be “out of sight, out of mind” by many Australians, the rise of more individualised options will cultivate new demand for financial planning consultants in the future.
“While previously employers would encourage all staff to bank their superannuation assets with one fund, for example, now they have, by law, no influence whatsoever over it,” Mr Marshall said.
He said that this shift will see many individuals require professional advice to help them not just identify suitable funds, but also understand where and how funds invest and what it means for their retirement prospects in the long run.
One specific area that Mr Marshall expects financial advisers to field more and more questions about is the federal government’s downsizer contribution scheme.
As per this year’s federal budget, the eligibility criteria for the scheme (originally introduced in 2017) are being expanded to include Australians aged 60 years and over.
The scheme, which allows participants to make a one-off $300,000 contribution to their super, was previously only available to Australians aged 65 years or older.
“[This] allows Australians to make voluntary contributions even after they stop working to help support their retirement,” Mr Marshall said.
He also noted the growing interest around and in self-managed super funds (SMSFs) among Australians trying to maximise their retirement.
Mr Marshall warned that SMSFs come with added risk, as their structure means members are personally liable for fund decisions.
“SMSFs are different to industry and retail funds, as they are private funds that individuals manage themselves,” he noted.
However, Mr Marshall said that the ability for SMSF members to invest directly in property remains a “significant” advantage.
“Unfortunately, many retail investors underestimate the complexity and cost associated with purchasing property through an SMSF,” he said.
As a result, Mr Marshall said that many looking to take advantage of what SMSFs have to offer are often at risk of being exposed to “unqualified or unscrupulous salespeople”.
“If you are considering an SMSF, especially off the back of a property investment recommendation, I would strongly encourage you to seek a second opinion,” he said.
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