On the 7th of September 2013 Australia went to the polls to vote on which political party would lead Australia into its 44th Parliament. Subsequently, the Liberal Party has replaced the Labor party after 6 years of being in power.

What does this mean to Superannuation? Andrew Heaven (Principal) of WealthPartners outlined the overview on our regular blog.

Since then there have only been two changes:

  1. The proposed introduction of 9.25% Superannuation Guarantee payments on the proposed parental leave scheme.
  2. An appointment of assistant treasurer Arthur Sinodinos to manage the country’s $1.6 trillion Superannuation portfolio of which $16 billion is currently unclaimed.

From our point of view, it doesn’t matter which government is in power. What matters is that our clients are offered timely, accurate and up to date advice to better their financial future. That is our one and only focus.

Most recently though, the Corporate Super Specialist Alliance (CASA) http://www.cssainc.com.au/, an independent group specialising in Corporate Super, has lobbied newly appointed Ministers to specifically address the need for businesses small and large to be able to have access to expert advice regarding the superannuation needs of both new and existing staff.

One of the questions I often get asked by both members and employers is how to obtain advice regarding Superannuation. I share CASA’s concern over the fact that many superannuation investors are excluded from obtaining advice unless a fee is paid to an adviser. This is where Superannuation investors seeking only limited “General” advice are disadvantaged.

What is General advice? General advice is simply an adviser talking to a client about a specific product or need. Like Super and Insurance for example. This is done without taking into account the clients particular circumstances or needs and leaves it up to the client to make the decision.

Personal or specific advice is where an adviser takes a client’s needs and situation into account, in great depth before making a formal recommendation based on expert analysis and research.

Our offer to our clients is to identify their needs and suggest an appropriate course of action to meet those needs, whether it be general or in depth personal advice.

If you would like to discuss how you can obtain advice regarding your Super, please feel free to contact us

Next week, I will address the issue of lost Superannuation and how we can help you easily track it down.

 

David Luciani
Corporate Services Specialist

Follow David on Twitter @DavidGLuciani

 

Source: http://www.investordaily.com.au/34298-cssa-appeals-to-financial-services-ministry