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Intra-fund advice changes job market dynamic
Superannuation funds may add a new dimension to the employment market for financial planners, increasing demand for junior adviser staff, according to an analysis issued by online recruitment specialist eJobs.
The eJobs Financial Planning Division market commentary, released this week, also quoted responses to its survey as suggesting there would be some “legislative dumbing down of advice” as a result of the Government’s intra-fund advice regime.
The findings came amid the broader findings of the EJobs survey, which the company said pointed to a long and protracted period of low activity in the financial planning industry.
It said practices were still looking to survive the downturn, rejig business models and move as many clients to fee for service as possible.
It noted that planning practices were also looking to utilise technology more, outsource more and move to employing more part-time staff.
AUTHOR
Mike Taylor
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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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