Financial advice gap is making Australians dumber and poorer
AMP, Vanguard and Insignia Financial say it’s an all-or-nothing proposition for Australians that want financial advice. But recommended reforms hang in the balance.
For AMP chief executive Alexis George, the size of Australia’s advice gap was hammered home on a recent trip to New Zealand.
George was in the call centre of AMP’s Kiwi subsidiary, when she listened in on a chat with a 19-year-old who wanted to ask whether it was a good idea to have all of his retirement savings (via his KiwiSaver superannuation account) in cash.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
