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
Early release of super scammers cop prison time
Three people will go to prison after pleading guilty to defrauding the COVID-19 early release of superannuation scheme for $103,500.
Super funds slash external mandates by 54%
The number of investment managers winning institutional mandates has tanked 54% in less than two years as superannuation funds ramp up the in-house management of assets, Rainmaker Information research reveals.
ASIC tells super funds to 'step it up'
ASIC commissioner Simone Constant delivered a stern warning to super fund trustees.
Brookfield bids for majority stake in Neoen
Brookfield and its institutional partners have lobbed a bid to acquire a 53% majority stake in French renewable energy company Neoen.
Further Reading
Sponsored by | Know the facts about lifetime annuitiesSaving for a happy retirement is Australia's #1 financial goal. Learn how LifeIncome can deliver more income, certainty, & choice. |
Products
Featured Profile
Jason Huljich
JOINT CHIEF EXECUTIVE OFFICER
CENTURIA CAPITAL LIMITED
CENTURIA CAPITAL LIMITED
A single decision can change your life, and that's exactly what Centuria Capital joint chief executive Jason Huljich learned when he came to Australia in the 1990s. Eliza Bavin writes.
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.