The federal public sector superannuation agency is being flooded with calls from a wave of retirees, but with only handful of advisers to manage the tsunami of members needing advice
With less than 10 financial advisers to meet an expected 70,000 retirees over the next five years, the Commonwealth Superannuation Corporation wants to be allowed to offer financial advice at scale, as part of the government’s cautious expansion of the advisory sector.
“The advisory piece is really tricky,” said Mr Nettheim who has spent his career running superannuation contact centres. But funds told Mr Jones they wanted certainty around the end game for advice, with the government still considering recommendations to lower the cost of advice allow at scale advice through hybrid digital and human models.”There’s a lot of people who pay a couple of thousand bucks for advice, and yet they could get it in bite sized chunks, which would cost a few hundred each and that probably makes a lot more sense to them,” said Mr Netteim.
“The digital advice can’t work that out because often you are seeing it in the body language, you are seeing it in the way they look at each other. And you see it in the argument that occurs between them right in front of you.” He said many of these accumulation members worked in the same offices. “There’s the complexity between those who have the old DB [defined benefit] and feel pretty lucky that they do, and those who are in the new DC [defined contribution] and maybe don’t feel they’ve got the best product available to them.”“I would dare say for most of our 100 odd year history the public service look has pretty much been the same.
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