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Industry welcomes ASIC's MoneySmart website
A Government website dedicated to helping consumers better understand and manage their finances has been welcomed by the industry, although REST has taken the opportunity to advise consumers to check the costs of any financial advice received.
The Moneysmart.gov.au website, launched earlier this week by the Australian Securities and Investments Commission, was welcomed by the Association of Superannuation Funds of Australia (ASFA) and AustralianSuper.
The site provides a valuable aid in helping Australians maximise their retirement income, according to ASFA, which particularly welcomed the inclusion of tailored information to assist women improve their superannuation balances.
AustralianSuper chief executive Ian Silk said that there was existing demand from consumers for these types of tools and calculators.
Silk said the site would complement online calculators provided by organisations including AustralianSuper, and he encouraged others in the industry to provide clear and accessible resources, in plain language, to their customers and to the wider community.
But REST has pointed out that while the site highlights the downside of asset-based remuneration paid to financial advisers Australians should always request an upfront assessment of what any financial advice will cost them.
“Financial advice can often be unexpectedly expensive. We would suggest anyone who is seeking advice request a written quote for what work will be undertaken and what the costs will be,” said REST chief executive Damian Hill.
He also recommended people look at how they can avoid paying commissions to financial advisers.
REST offers a financial advice service through independent company Money Solutions, which charges advice on a fee for service model, and REST will pay for the first super-related question a member has over the phone with a Money Solutions Money Coach, Hill said.
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