Aware Super has congratulated the Albanese Government on committing to pragmatic action to increase the accessibility of financial advice, providing vital support to millions of Australians planning their retirement.
Aware Super Chief Executive Officer Deanne Stewart said allowing superannuation funds to provide more advice to their members would add a much-needed additional source of financial advice for hundreds of thousands of super members who do not want or need comprehensive advice.
“The reforms announced by Minister Jones this morning are a crucial extension to the advice services super funds can offer their members today,” Ms Stewart said.
“These important reforms enable us to significantly increase the scale at which we can provide safe, accessible and high-quality financial advice to the five million Australians in or nearing retirement.
“We’re especially pleased to see the important role of nudges – proactively pointing members towards steps they can take to improve their retirement outcomes – recognised in the reforms announced today.
“Nudges will be a cornerstone of digital advice solutions as Aware Super, and the wider superannuation industry, increasingly harnesses the power of data and generative AI to deliver smarter and increasingly sophisticated digital advice solutions to members.”
With Aware Super having one of the largest cohorts of retired members, Ms Stewart said the reforms maintained meaningful consumer protections, including the best financial interests duty, whilst also recognising the need to streamline advice services to make them more accessible to the members who want them.