Last week the Grattan Institute released their controversial paper that among other things, suggested that we shouldn't raise the super guarantee from 9.5% to 12% and that most people will have enough to retire on; and the finance industry should stop scare mongering people who are afraid they will not have enough.
For those of you who did not see my reaction to this report, here’s the link to Your Money, where I discussed with the show hosts Brooke Corte and Chris Kohler why one of our most important jobs as an industry is help people become self-sufficient in their old age. Also why great advice is needed more than ever.
When I read industry headlines today that says planner trust is at an all-time low (is this really news?) I urge you, the advice community, to take no notice of that piece of research, and instead put your focus where it needs to be - on communicating to your community and prospective clients that not putting a strategy around funding your retirement could be one of the most dangerous things they could do for their long term future.
While we at No More Practice can continue to produce tools, thought starters and education that helps you stay ahead of the curve, it is you, the financial planner, who will truly make the difference to ordinary people by using your much needed skill sets of strategy, planning and long term focus.
While we all are waiting for the final report to be handed down from the Royal Commission next year, there is no time to waste to refute dangerous reports like this Grattan one that tell people not to worry, and that the government will provide.
Here are three ways you can make a difference today.
In many ways, things like the Grattan Report can work in our favour. It gives us stats to refute, an argument to present, and undeniable numbers to paint the picture of Australians future.
So take advantage of the opportunity and have your say to help people understand what's really at stake.
You, the advice community, are the ultimate voice of reason. Without you, Australian’s will have to find their own way. And we all know that’s not working.
Until next time,
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