Superannuation advice should be a priority area for tax-deductibility, according to a new survey.
The survey revealed strong support for the Government to make the provision of financial advice tax-deductible, with most support for advice around superannuation and transition to retirement.
By comparison, there was significantly less support for allowing advice around products such as life/risk insurance tax deductible.
The survey, conducted by Super Review’s sister publication, Money Management, came at the same time as the Financial Planning Association (FPA) urged the Senate Economics Legislation Committee to make advice around insurance inside superannuation tax-deductible.
However, survey respondents signalled their ambivalence about tax-deductibility where product sales were involved.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
The solution is to make it mandatory for any super fund to pay a client invoice (on demand), when issued by an ASIC approved financial adviser. It should be illegal for certain industry super funds to deny advice payment. Fortunately a few allow it, but it should be made mandatory for all funds to pay an adviser's invoice on demand. Tied agency arrangements should be banned. The current environment with Industry funds is looking very much like the old AMP tied agency days.
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