Here’s what happened this week:
1. Early super applications slow – The latest APRA figures show super funds had made $294 million worth of early release payments to 40,000 members in the week to 20 September. Over that week, super funds had received 38,000 applications, of which 23,000 were initial applications and 15,000 were repeat applications. The value of payments made since the inception of the early release scheme now totals $33.5 billion, with 4.4 million total payments made, of which 1.2 million were repeat applications and 3.2 million were initial applications. More here.
2. Regulatory and structural changes to advisory continue to weigh on many – the mental toll is climbing especially as many report feeling frustrated at being misunderstood and ignored as regulatory change continues at pace. More here.
3. Tricks for saving money when times are tough – set up automatic bank transfers to keep your spending and saving on track, don’t run through your savings if you lose your job or hit on hard times. Pivot quickly to reduce your expenses so you preserve your financial security. More here.
4. A better user experience – You will notice some changes when you log into the myprosperity Advisor Portal today, starting with Client Goals and To-Dos. A more streamlined design makes the interaction simpler and more intuitive. Other improvements include the ability to sign existing documents that have already been loaded in the platform, and an enhanced document flow in the Documents section. More here.
5. World Financial Planning day is coming up on October 7 – this year’s theme is: Live Your Today. Plan Your Tomorrow. The day promotes consumer awareness and understanding of financial planning topics including combating financial stress, budgeting, and how to seek the guidance of a professional. More here.