Here’s what you need to know this week:
1. AMP could face inquiry over its treatment of financial planners – this comes after AMP has spent the last year forcing hundreds of its own financial planners out of business with many losing their homes and being left with huge debts to the company. More here.
2. Don’t forget about the kids. Teaching kids good spending and saving habits is really important but even more so, teaching them to have a good emotional relationship with money. This includes understanding how to make good decisions, bringing money discussions out into the open and not being overly influenced by advertising. More here.
3. Cash is still king, especially during these tricky times. If you are an adviser who has typically stayed away from cashflow management for clients, right now might be an opportune time to familiarise yourself with how myprosperity can be used to help your clients manage their money. More here.
4. Adviser Innovation Summit has gone digital and it’s free – the agenda was released this week, which you can take a look at here.
5. Stay on the defence. Advisors shouldn’t be abandoning defensive assets like cash and fixed interest just because of the likelihood of a prolonged low interest rate environment. “Defensive assets continue to have a really important role to play in retirement portfolios for a lot of Australian retirees and I have not come across a whole lot of Australian advisers who have abandoned defensive altogether,” Challenger head of technical services, Andrew Lowe said on Money Management’s Retirement Incomes webinar. “Whether it be a high rate or low rate environment, they serve a purpose.” More here.