Retirees need more advice: Report
The Association of Supernnaution Funds of Australia has teamed up with State Street Global Advisers, to produce a report, The Future of Retirement Income.
It claims advisers who deal with retired clients should be subject to higher qualification requirements, and a lack of standardised guidance on how to manage assets in retirements may mean clients are missing out.
ASFA director of research Ross Clare told Good Returns only a minority of those retiring where getting holistic financial advice to maximise their income.
“If you don’t have a lot of money, it doesn’t make sense in terms of the amount you have to pay out. A$3000 is not unusual for holistic advice. If you have A$50,000 in your account, it doesn’t make sense to go down that path.”
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