This week it feels like we’ve turned a corner. More people are starting to talk about rebuilding, reemerging and reimagining our economy.
Here’s what’s happened in advisory:
1. Gift or loan? The AFR this week published a column urging parents to think very carefully before giving adult children financial help. As parents, we all want to help our children in whatever way we reasonably can. However, Louise Biti warns before you write that cheque, consider the impact on age pension entitlements as well as current or future aged care needs. There’s a great breakdown of the financial effects of helping your children here.
2. Early super access – we’ve been banging on about it for weeks now but super funds CIOs say funds are liquid enough to handle member switching and early withdrawals. AustralianSuper’s Mark Delaney said stress testing had been performed on “much bigger numbers” than was being anticipated. More here.
3. Dividends deferred. The banks are deferring dividend decisions after their profits fell more than 50 per cent off the back of COVID-19. More here.
4. Online learning for advisers. The Adviser has launched a new online learning centre for brokers this week. The e-learning platform will help brokers earn CPD points and continue professional development remotely.
Bonus item: This week on myprosperity@home Chris Ridd sat down with Andy Fenton of Fenton Financial to discuss how he and his advisory business are coping, the conversation spanned several topics including technology, Instagram TV, client communication and a summary of how he’s been managing his client’s finances amid this crisis. Watch it here.