Silk questions value of financial services intermediariesBY LAURA MILLAN | TUESDAY, 25 MAR 2014 12:35PMAustralianSuper chief executive Ian Silk has questioned the value of financial services intermediaries such as advisers, mortgage brokers and superannuation trustees. Related News |
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As opposed to the problems with Heads of financial institutions and their:
- multi million dollar salaries
- multi million dollar advertising campaigns
Because that has nothing to do with fees charged to a clients super fund.
And if where talking about lack of Financial literacy, did he just directly correlate an increase in Advisors with the reason people aren't saving enough???
It's clearly good to be targeting improved financial literacy and numeracy to improve financial self sufficiency down the track. But at least as important is the need to improve longevity awareness.
People need to address and better manage the time frame in which they are planning. Failure to do so can lead to wasted productive years due to early retirement, poor choices in personal management (health and wellbeing included), uninformed waste of capital through poor accommodation decisions and many other adverse consequences. On the positive side, increased personal longevity awareness leads to a better quality of life as well as helping to resolve the issues above.
Advisers, super funds and the investment community generally will all benefit from greater longevity awareness. It's time longevity awareness took its place among the important targets for improvement alongside financial literacy.