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What is the future of advice and how far off is superannuation 2.0?

Financial advice can make a massive difference in people’s lives. We know this because we see every day in our data just how much better off people are when they follow the advice. But up until now, the majority of Australians haven’t been able to afford it. As a consequence, most Aussies are unaware of what advice is and how it can help them be better off.

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So, what does the future of personal financial advice look like? Well, for starters, we need to tackle the issue of supply and demand. Right now, there simply aren’t enough advisers to help the people who need it – and that’s pretty much every working Australian. So, along with the existing advisers, digital advice needs to be available to ensure every Aussie has access to advice whenever they need it, so they can make smart decisions about their money. In the future, advice will be ubiquitous with everyone having the tools and information they need to take control of their finances. A digital companion that understands your current situation and guides you based on what you need will become the new normal.

In this world, the advice changes as your financial circumstances also change. The only priority is for you to be better off. In the context of your current situation and your goals. It’s not looking to sell you products but rather reach your goals sooner, while ensuring you utilise the “rules of the game”, guiding you within the existing legislation.

Just like Spotify and Netflix revolutionised how we consume entertainment, technology will once again revolutionise the personal financial advice industry so that everyone can enjoy the benefits of personal financial advice, which will make every Australian better off.

But how do we land in this world where personal financial advice is available to everyone?

 

Well, we need technology. We need technology that works within the regulatory framework yet is still affordable to the majority of Australians. We need technology that puts people, not products, as the most important factor. We need technology that can guide everyday Australians, at any given time in their lives, on ways to pay off debt faster, save for something you love, boost your super and set you up for your future, sort out your insurance and organise your money based on your personal needs. When we all have access to personal financial advice, as a society, we will have less financial stress, less pressure on the federal government, a stronger economy which will snowball to every Australians’ financial situation getting stronger.

And who can help us get there? The most trusted institution that every working Australian has access to – superannuation funds.

In December last year, the government announced that super funds are expected to provide quality advice to their members. However, to meet the scale of Australians who require that advice, we’ll need to look at a licensed, quality digital solution that can work cohesively with human financial advisers.

There’s no doubt in my mind that super funds offering personal financial advice to members, through revolutionising technology, is the only way we can ensure Australians have access to advice at scale. Does that mean we’re on the cusp of superannuation 2.0, and if so, what does this new world look like?

 

This is what I think:

1. We’ll live in a world where everyone understands advice

New research from the CFS in The Empowered Australian Report 2023 showed that one in three Australians who have never received advice cannot articulate a single benefit of receiving financial advice. This isn’t a surprise. There is no doubt unadvised consumers lack knowledge of the benefits of advice and how this would positively impact their lives. How can we know the benefits of something, if we’ve never experienced it?

Flip that on its head, advised Australians understand the value of the advice they pay for. So in this new world, all Australians will see and experience the value of personal financial advice.

2. Super funds will have a better report card

In this new world, super funds meet their obligations and no doubt have a better report card when the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) complete their retirement income covenant (RIC) reviews.

In this world, super funds understand what members are seeking from their super fund alongside the obligations placed upon them by the RIC. The most recent Otivo superannuation report showed that nine out of 10 Australians would like their super funds to provide advice on issues that affect their ability to add to their super fund, and more than half (53 per cent) of members want their fund to offer advice, while almost eight in 10 (79 per cent) want their super fund to be more proactive in providing advice.

In this new world, super funds are meeting these needs through revolutionised technology that helps them do better by their members.

3. Superannuation funds can truly become member-first

Gone are the days when super funds serve as just a mechanism for our retirement savings. This new world of superannuation sees funds emerge as dynamic hubs of financial education and empowerment. You’ll be able to grow your super, budget and plan for your retirement.

The technology that powers this change will be created by those in financial advice, finance, government, superannuation, compliance and technology, all working together to produce quality financial advice to help all Australians be better off.

4. A changed perception of money and how we handle it

Superannuation 2.0 will see us enjoy a shift that holds the promise of transforming the way we perceive and manage our money. We’ll all get to enjoy real-time tips to help us proactively reduce our taxes and enhance our savings, while preparing for our retirement. And this won’t be available to just those who can afford it; thankfully, we’ll all be able to receive quality, comprehensive advice that is accessible. Just as it should be.

We’ll also be able to support Australians to understand the value of planning for retirement. We’ll be able to tackle data that shows 81 per cent of Australians rely solely on their employer superannuation contributions to increase their super savings. We’ll have younger Australians considering their future, so retirement is less likely to feel overwhelming and unmanageable.

5. Super funds will become proactive partners in our financial journeys

With the support of digital financial advice, super funds will be in a position to become proactive partners in our financial journeys. Imagine signing up for a super fund and being given access to bespoke financial roadmaps tailored to your unique goals and financial circumstances. Superannuation 2.0 equips us all with the tools and knowledge to make informed financial decisions.

Data will be critical to guiding and informing, and AI will become the new norm. This data will proactively identify issues before you even see them yourself. It will also help you choose an appropriate investment for your super; it will guide you on the best options when it comes to topping up your super and how long your funds may last in retirement and it will determine an appropriate type and level of cover for your needs. With that information changing as your financial circumstances also change.

6. Digital financial advice will work with humans, after all, that’s when technology works best

There is no doubt that some level of adviser interaction will always be required. Quality financial advisers, as we know them, will become specialists and will no doubt continue to offer human services to their clients, with digital advice working alongside the traditional method to support Australians at scale. In my opinion, just like we embraced online shopping and online banking, quality and comprehensive digital financial advice will integrate into our lives in the same way. It will be easier, will be guided by technology to help us, and when we need it, humans will be available to support us as required.

 

 

 

Paul Feeney is the chief executive officer of Otivo.
April 08
ifa.com.au

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Retirement Planning

Retiring on your own terms is not always easy to achieve, however it is evident that those who plan for retirement are more likely to do so. Results also show that obtaining professional help during the pre-retirement years further improves the probability of attaining your retirement objectives.

The earlier you start implementing a plan the better the outcomes.

During one’s working life there is always an income to make ends meet when raising children, paying off a mortgage, etc.

Retirement planning is about the lifestyle you will have after you stop work and receiving employment income.  Planning focuses on issues such as how much superannuation is enough, taking a super pension, claiming the Age Pension, making superannuation contributions while receiving a pension from a super fund, estate planning and looking after your family.

Planning properly is becoming even more important now we are expected to live longer.  This greater need means that professional help has never been more important.

At Wybenga Financial we will provide the time and expertise needed to help you implement the best pre-retirement plan possible.  Contact us today to discuss how we can work together on: (02) 9300 3000 or .

Building Wealth

Investing your hard earned savings can be a complex task.  There are many issues such as levels of risk, market timing, asset classes, and your own goals, objectives and preferences that need to be considered. It can often seem a daunting task. At Wybenga Financial we have the expertise to assist you in taking control of your finances and making sure you are generating the wealth you need both now and in the future.

The first step is to create a plan. At Wybenga Financial we take great care in getting to know our clients and their future goals and objectives. We combine our knowledge of your personal goals together with an analysis of your current situation, to create a detailed, personalised plan that will help you meet your objectives. This plan will become your road map which outlines how we are going to meet your goals, whilst aligning all investment decisions to your specific risk tolerance.

After we have created your personal plan, we move to implementation. This is where we action the immediate changes set out in your plan, and put in place reminders for anything that is to occur in the future. As your professional advisers, we can action many steps on your behalf making the implementation of changes as painless for our clients as possible. We aim to make the process smooth and seamless, providing a holistic service that can be executed with ease.

The final and most important phase of the relationship with Wybenga Financial is the ongoing management and monitoring of your wealth. This ensures you are sticking to your plan and that your portfolio is aligned to your needs and attitude toward risk. An ongoing relationship ensures that we know when your circumstances change and that these can be recognised and reflected in changes to your investment approach.

While we are monitoring your portfolio from the perspective of your personal goals and situation, we also take into account the wider economic landscape and changes to legislation. We continually review and analyse our preferred investments in a structured and objective way. The benefit to our clients is that we are unemotional. This can be significantly beneficial over the long term.

At Wybenga Financial we can provide the time and expertise that will help you invest intelligently and prudently.  Contact us today to discuss how we can work together: (02) 9300 3000 or .

Personal Insurance

Life insurance isn’t just a cost, though it often feels like it.  You buy peace-of-mind that should a serious issue effect you then the consequences won’t unduly affect your family.  Insurance provides you with the ability to manage the financial and emotional impact of some of the more drastic events, whether personally or in your small business.

Insurance can’t replace a loved one but it can help reduce the financial burden by providing the capital to ensure your family has choices.

Many Australians are underinsured and the consequences can be very serious for families should there be a death or serious injury. A yes to any of the following questions means you may have a need for insurance coverage:

  1. Do you have a mortgage?
  2. Do you have school fees?
  3. Do you have any personal loans?
  4. Do you have any credit card debt?
  5. Do you have dependents?
  6. Would your financial position be affected if you were to suffer from an illness or injury?
  7. Do you want to have enough capital to look after your dependents if you were unable to care for them for an extended period of time or perhaps indefinitely?

We understand that it can be difficult determining the type and level of cover you might need, let alone choosing an insurer. We can assist by helping you determine your needs and recommend an insurer that is right for you.

At Wybenga Financial we know how to protect your wealth and will recommend solutions that best suit your needs. Contact us today to discuss how we can work together: (02) 9300 3000 or .

Superannuation

Superannuation is mandatory but taking an early and active interest in your retirement planning is critical to ensuring your benefits are maximised by the time you retire.  Many will have a superannuation scheme through employment but increasing numbers are starting their own Self-Managed Super Fund (SMSF).

For many, simply relying on employer contributions may not be enough to provide the lifestyle you desire at retirement. We can assist in building strategies to ensure your retirement goals are met and your required lifestyle is maintained throughout retirement.

It is always best to start saving and planning for your retirement as early as you can. 

At Wybenga Financial we know our job is to help you meet your retirement needs and we have the skills and experience to do this for you.  Contact us today to discuss how we can work together: (02) 9300 3000 or .

Self Managed Super Funds

Self-Managed Superannuation Funds (SMSFs) offer a good strategy option for many individuals, families and small business owners to build tax effective wealth and to protect assets over time. SMSFs are becoming popular for those who are ready to take control of their own super investments as they give you ultimate control and flexibility to manage your retirement benefits.

It must be noted though, that you will have increased responsibilities as a trustee of the fund. As a SMSF Trustee you need to keep up to date with all required regulations and keep up with the fast paced financial markets.

Wybenga Financial can work with you to understand your personal financial situation and decide whether a SMSF structure is appropriate for you. We will also make sure your assets are invested in the most effective way to maximise your retirement benefits.

Should you wish to consider establishing a SMSF then we can help with all aspects of the process from establishment to managing your compliance obligations.

Wybenga Financial would welcome the opportunity to discuss how we can help maximise your opportunities to grow your wealth through a Self Managed Superannuation Fund (SMSF).  Contact us today to discuss how we can work together: (02) 9300 3000 or .

Estate Planning

Your estate is made up of everything you own. This includes your home, property, furniture, car, personal possessions, business, investments, superannuation and bank accounts.

Having an estate plan is extremely important.  Having a will is just the first step in your estate plan. It is critical to consider what outcomes you would like for your estate and to ensure a plan is in place to achieve those outcomes, both including and beyond the terms of your will.

Wybenga Financial would welcome the opportunity to discuss how we can help ensure your estate is organised to ensure your plans are implemented as you wish.  Contact us today to discuss how we can work together: (02) 9300 3000 or .

Finance

Loans and loan management are central to overall financial management.  Obtaining the best loans for your needs is crucial and Wybenga Financial can help you with solutions that meet your short and long term needs.

At Wybenga Financial we work with experienced mortgage brokers that can assist you in obtaining the best loan for your needs and objectives. Whilst this is an external service, we work closely with the brokers to ensure the process is as easy and smooth as possible.

Contact us today to discuss how we can work together: (02) 9300 3000 or .

Property

We have partnerships with many respected property agents and research firms. This enables us to source suitable properties for individuals, couples and families looking to make an investment into property.

At Wybenga Financial we will provide the time and expertise needed to help you implement the best property investment plan possible.  Contact us today to discuss how we can work together: (02) 9300 3000 or .

Strategic Planning

Strategic planning is determining how an investor is going to meet their goals and objectives. It is about helping clients define their goals, gathering information and analysing data to make a plan, then implementing the plan and monitoring the results. It is also monitoring and updating goals and objectives as clients move through different phases of life.

At Wybenga Financial, this is the most critical service we provide. For more information please visit our Building Wealth through Strategic Planning page or contact us to discuss how we can work together: (02) 9300 3000 or .

Financial Videos

 

Secure File Transfer

Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

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Tess Uncle

B.Sc, M.Com, CA, DipFP

Tess has over 22-years experience in Chartered Accounting Firms and in this time has had a broad range of experience in superannuation, taxation, business services, and financial strategy.

Over the last seven-years, Tess has turned her attention to Financial Planning, earning a Diploma of Financial Planning in 2015 and leading the newly established financial division of the Wybenga Group as a director of Wybenga Financial.

Tess’s mission is to bring the ethics and integrity of her Chartered Accounting background to the area of wealth management.

As a woman in a male dominated field, Tess is active in promoting gender equality in the industry through various programs and mentoring opportunities.

Using her depth of knowledge and experience in tax and accounting Tess is able to demonstrate a level of competence that is unique in the Financial Planning sector.

  • 2001 – Commenced employment with Wybenga & Partners and part-time accountancy studies
  • 2004 – Graduated Masters of Commerce from the University of New South Wales
  • 2005 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 2007 – Promoted to Manager at Wybenga & Partners
  • 2012 – Appointed as Associate Director
  • 2015 – Awarded a Diploma of Financial Planning
  • 2016 – Appointed as Partner of Wybenga Group and Director of Wybenga Financial

Schedule a Meeting with Tess


Adam Roberts

B.Bus, B.Sc, CA, DipFP

Adam has over 18-years experience in Chartered Accounting Firms and in this time has had a broad range of experience in superannuation, taxation, business services, and financial strategy.

Over the last seven-years, Adam has turned his attention to Financial Planning, earning a Diploma of Financial Planning in 2015 and leading the newly established financial division of the Wybenga Group as a director of Wybenga Financial.

Adam’s mission is to bring the ethics and integrity of his Chartered Accounting background to the area of wealth management.

Combining traditional accounting and financial services has been a welcome move for Adam, allowing him to operate and advise in the financial sector that has been a long time personal passion.

Using his depth of knowledge and experience in tax and accounting Adam is able to demonstrate a level of competence that is unique in the Financial Planning sector.

  • 2005 – Graduated Bachelor of Science from the University of Western Sydney
  • 2005 – Commenced employment with Wybenga & Partners and part-time accountancy studies
  • 2007 – Graduated Bachelor of Business from the University of Western Sydney
  • 2010 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia
  • 2010 – Promoted to Manager at Wybenga & Partners
  • 2012 – Appointed as Associate Director
  • 2015 – Awarded a Diploma of Financial Planning
  • 2016 – Appointed as Partner of Wybenga Group and Director of Wybenga Financial

Schedule a Meeting with Adam


Advisory Cadetships

What is an Advisory Cadetship?
An Advisory Cadetship enables you to commence your career whilst attaining the necessary university qualifications by studying part-time.

How does it work?
Generally, our cadets complete a relevant business or accounting degree at the University of New South Wales, the University of Technology Sydney, Macquarie University, or the University of Western Sydney.

The Firm provides 3-hours paid study leave per week to attend university. This can either be taken at the one time or broken between days depending on the individual’s requirements. In addition, the Firm provides paid study leave for both mid-semester and end-of-year exams.

We take the work life balance very seriously at Wybenga Financial and our cadets are encouraged to have a fulfilling life outside the office. A typical day will have you arriving at the office at around 8.30am with most days concluding at 5.30pm.

What are the benefits of an Advisory Cadetship with Wybenga Financial?
Our cadets benefit from the following:

  • Career path – on completion of their degree our cadets have significant practical experience which will assist them in advancing their careers
  • Work helps your studies – by working full-time our cadets are able to apply their practical knowledge in the university subjects
  • Camaraderie with other cadets – the Firm has a number of cadets at various stages of their career
  • Mentoring – cadets are paired with a senior staff member who oversees their progress and training both at work and with their studies
  • Communication and feedback – the Firm has an open door policy which enables all cadets to interact with all members of staff including Directors
  • Culture – the Firm promotes a friendly social culture with a number of functions throughout the year
  • Modern environment – including ‘socialising’ areas such as pool table and break out area
  • Training – ongoing support and technical training. We also provide internal and external training on a monthly basis
  • Remuneration – working full-time provides a market salary and independence with salaries being reviewed every 6-months

What happens when I complete my degree?
The completion of your degree is the first step of what we hope to be a long and successful career with us. The next step is the commencement of a Diploma of Financial Planning followed by completing the requirements to become a Certified Financial Planner (CFP).

There are always progression opportunities for the right cadets and we are dedicated to the long term development of our staff.

Who should apply?
Current Year 12 students or first/second year University Students who:

  • want to commence their career in financial advisory;
  • are due to commence or are currently completing a part-time business or commerce degree at university with an advisory major;
  • want to gain valuable hands-on experience while completing their qualifications;
  • are looking for a friendly working environment;
  • are team players who display initiative;
  • have a commitment to self-development;
  • possess excellent personal presentation and communication skills; and
  • are motivated and mature minded.

How do I apply for an Advisory Cadetship?
To apply for a Cadetship position at Wybenga Financial send us your details. Please also include in your covering letter why you wish to do a cadetship, include relevant qualities you possess, main interests / achievements, and any previous employment.

Interested candidates should initially forward a resume/covering letter of no more than 3-pages. Please provide full details of contact information (telephone or e-mail).

What if I have more questions?
For further information about our Cadetship program, please send your enquiry to .