The Australian Labor government has introduced a new reform that allows more citizens to access affordable financial advice from their superannuation funds.
This comes following an exodus of financial advisors in the country due to a 2019 royal commission’s inquiry into the misconduct in the banking, super and financial services industry, which resulted in a shortage of accredited advisors and soaring service fees.
In his speech to the Association of Superannuation Funds of Australia, Financial Services Minister Stephen Jones said only a small percentage of super members sought financial advice before retirement.
“There are five million Australians at or approaching retirement. The average Australian is now retiring with around $200,000 in superannuation,” he said….