Vision for the futureBY LINDA HAUSKEN | THURSDAY, 2 AUG 2012 11:15AMFinancial services minister Bill Shorten said that by 2017, the industry will be unrecognisable, predicting the age of commission-free super and greater convergence of retail and industry super funds. |
Editor's Choice
Trust emerges as key drivers of super fund loyalty
Superannuation fund members are becoming more purposeful in their interactions with funds, while trust has emerged as the clearest driver of loyalty and advocacy, according to new CoreData research.
Maquire-led consortium acquires SI Solutions
Macquarie Asset Management (MAM) has agreed to acquire a majority stake in structural integrity engineering firm SI Solutions from private equity firm MidOcean Partners, alongside co-investors that include UniSuper.
GQG outflows worsen, ousted from ASX200
GQG Partners' continued slump in performance continues as net outflows for funds under management (FUM) stood at US$4.3 billion in August alone, and worse, the firm has been bumped out of the ASX200 index.
Tribunal affirms InterPrac, FSGA adviser bans
The Administrative Review Tribunal has affirmed ASIC's decisions to ban two former financial advisers from InterPrac Financial Planning and Financial Services Group Australia (FSGA) who were involved in the Shield and First Guardian master funds for five years.
Further Reading
Products
Featured Profile

Sarah Shaw
GLOBAL PORTFOLIO MANAGER
4D INFRASTRUCTURE
4D INFRASTRUCTURE
It wasn't confidence that prompted Sarah Shaw to walk away from established investment houses and co-found 4D Infrastructure in 2015. It was something she believes is far more important: courage. By Vinny Vucago.







11% is not enough, secondly employers will eventually say no more. Commission free advice with 80-85% of so called advisers employees of banks and union based super funds with greater govenance, I'd like to see that.
What will be even better than what Shorten thinks is that the Federal Government will not be recognisable at that time as Labor will have been reduced to a political non-event.
In investments, he encouraged more should go offshore. "Ideally, fund managers should become less timid about looking at emerging markets, because in five years' time, what we call emerging markets will become merged markets."
I had no idea he was qualified to give this advice?
Tell that to every client I have over 50 who, because of Shorten halving the concessional contribution limits, can't get enough into super to make a comfortable retirement a reality.
We should be handing out how to vote cards when we have these discussions with our clients.
Shorten gets quote of the week - "emerging markets will become merged markets", what are all emerging markets going amalgamate, Bill? Surely he me means emerged as opposed to merged... Another successful Shorten press release
He's right that the industry won't be recognisable in 2017- thanks to him.
The really sad bit is that they don't realise that they just don't get it. I hope you are right Laurie Pennell.
Dairy cows give milk, but Shorten Cows give cash !
My only comment is to be careful to what you wish for.
Perhaps these latest odds of the next election result will afford many of these Australians some comfort...
Coalition $1.10
Australian Labor Party $6.00
Some telling comments here, there appears to be quite a bit of despair and cynicism with Mr. Shorten and the current government, surprise, surprise! Consumers and advisers are fed up with the chopping and changing to superannuation. Yes it is a cash cow for government but shouldn't it be for us and our retirement?
No commision super but the industry fund ex union managers are in for their chop.
Agree Laurie, this Labor shambles facing political oblivion and can't come soon enough.