Editor's Choice
ASIC stalls Sequoia bid to ditch cross guarantee deed
|ASIC is again putting up roadblocks to Sequoia Financial Group's attempt to revoke the deed of cross guarantee with InterPrac Financial Planning, asking more questions and requesting more information before the group rids itself of all liabilities arising from the Shield and First Guardian disaster.
MLC Super creates two new general manager roles
|MLC Super has created two new roles of general manager of portfolio delivery and general manager of employer superannuation.
Robeco pitches Enhanced Indexing strategy to instos
|Robeco has launched a new systematic strategy for institutional investors, designed to manage the Australian index's overconcentration in banks and miners.
Mercer reshapes fund manager lineup for fixed income strategy
|Mercer Australia has halved the number of fixed income fund managers in its sovereign bond fund strategy, retaining just Challenger Life and Macquarie Investment Management.
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David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.







Keating is spot on, except he does not go far enough. The first element of "overhauling" the current Superannuation system is for compulsory contributions by employees. The billions of dollars held in "lost" Superannuation accounts demonstrates that the majority of people do not really see it as their money as they have put no evident skin in the game. Having the contributions made solely by employers gives this impression. Certainly a case can be put 100% that salaries and wages have been and are "adjusted" to allow for the cost of the contributions which could then lead to an impression that the employee is paying. The important issue is the impression & they do not really see this.
The second element is increasing the employer component. I would leave it to someone with superior knowledge like a Paul Keating to accurately (??) determine what is needed. The third element is that there are hundreds of thousands of self employed (sole traders and/or those operating under a partnership) who are not compelled to contribute for their future.
They should have to pay a prescribed higher rate of tax with the increase going towards Superannuation. Little Johnnie was indeed kind with the halving of the Assets Test, but one must also consider that Politicians on taxpayer funded Superannuation (and others) became substantial beneficiaries of the removal of taxation on pensions or moneys extracted from Superannation after age 60. A fourth element should be increasing the age that one can access Superannuation monies. Those who perform heavy duty manual work need to be considered carefully in whatever changes take place as they generally have shorter working capabilities.