That’s a wrap for the Australian Financial Review’s Super & Wealth Summit. Here are some of the biggest stories from The Summit:

Labor considering cutting super tax breaks

• Labor sets sights on Rich Lister super tax breaks: The Albanese government will consider scaling back superannuation concessions for wealthy Australians as it seeks to repair the cash-strapped budget.
• Labor urged to cut super tax breaks for higher earners: Equity should be made an explicit objective of the super system and the government should raise taxes on high income-earners and people in retirement, experts say.
• Super tax hike would be a broken promise, Coalition says: The Coalition’s financial services spokesman Stuart Robert says any move by Labor to limit super balances or tighten tax concessions would be a “massive broken promise”.
• ‘Overwhelming benefit’ of super tax breaks goes to high-income earners: The scaling back of superannuation tax concessions should be considered as they primarily benefit the rich, Mike Callaghan has told The Australian Financial Review Super & Wealth Summit.
• Tax break chat ‘irrelevant’ for young people: Young people are hardly noticing the debate raging around the super tax breaks because it barely scratches the surface of their current financial troubles, a panel has heard.

Labor’s off-market share buybacks changes

• ‘Back-door attempt to dismantle the franking system’: Fund manager Geoff Wilson has accused the Labor government of breaking an election promise with changes to off-market share buybacks.

Financial advice

• Aussies are ‘getting advice from Uber drivers’: Australia’s two largest providers of financial advice, AMP and Insignia Financial, have pleaded with business and the community to get behind Michelle Levy’s controversial plan to deregulate the troubled sector.
• Financial advice system broken, $200b super fund boss says: The chief executive of one of Australia’s largest super funds said the system for financial advice is “broken”. Bernard Reilly, who heads the $200 billion Australian Retirement Trust, said the emphasis should not be on whether offering advice risks harming Australians but the costs of not offering advice.
• 15pc of funds failed to provide appropriate advice, ASIC found: Australian Securities and Investments Commission executive Joanna Bird says superannuation funds are well-placed to provide financial advice to members.
• Financial advice gap is making Australians dumber and poorer: AMP, Vanguard and Insignia Financial say it’s an all-or-nothing proposition for Australians who want financial advice. But recommended reforms hang in the balance.
• Robo advice declines as investors warm to ‘hybrid’ model: JPMorgan says digital-only financial advice is starting to lose traction as consumers in the US seek help from a real person.

ESG investments

• Mike Cannon-Brookes, AGL stoush may change ethical super funds’ minds: Ethical superannuation fund Australian Ethical’s zero-fossil fuel strategy is based on a belief that no fossil fuel companies have an appropriate decarbonisation strategy, but activist shareholder Mike Cannon-Brookes’ battle with AGL could change that.