Explore the latest developments concerning AusSuper fights retirement.
AusSuper fights retirement flight with expansion into financial advice
AustralianSuper is preparing for a major expansion into wealth planning, landing a financial services licence and hiring the lawyer who recommended that Labor relax rules on what advice funds can offer members.
The country’s largest manager of retirement savings – with about $410 billion invested – has registered an entity known as AustralianSuper Advice, and this month it acquired a financial licence that would permit it to offer advice in its first major push into the area.
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AustralianSuper steps onto the advice high wire that broke the banks
Most members, unable to afford advice or unwilling to pay for it, are turning to Dr Google and ChatGPT, leading to suboptimal outcomes later in life.
It’s a blight on government, regulators and Australia’s biggest super fund that broad-based, useful, cheap and accessible financial advice is only just being rolled out to the wave of retirees set to hit the market.
For five years, the industry has been warning us of the mass exodus of advisers post the Hayne royal commission, which halved the number of advisers to 15,500, while the government whipped super funds into a retirement frenzy to create products most members wouldn’t inherently know when or how to use.
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