16 March 2015
ASFA launches new post-retirement course
The Association of Superannuation Funds of Australia (ASFA) today launched a new course designed to raise the level of knowledge of advisers and product issuers when it comes to post-retirement. The course will help financial advisers and funds respond to the ageing population and the growing need for comprehensive retirement advice and products.
The ASFA Certificate of Post-retirement is the first of its kind and provides a deep dive into many of the issues surrounding ageing and retirement and the provision of retirement products to retirees. The course focuses on member needs and key risks in retirement, as well as the development and delivery of income streams, retirement planning, social security payments, aged care and estate planning. It is aimed at administrators and contact centre staff working for the funds and service providers, product development managers, financial advisers and investment managers.
Ms Vamos says with the proportion of members entering retirement increasing, it's crucial funds lift the knowledge of their employees so that they are better qualified to manage their members' needs.
"We have long advocated the need for financial advisers to have specialist knowledge when it comes to advising members in post-retirement. This course is the first step along the path to build greater awareness of retirement needs. The Intergenerational Report shone a light on just how much the demographics of our population will change over the coming years. For superannuation funds, this means more and more members moving from accumulation into retirement. This gives rise to a new set of challenges for call centre staff, product developers and financial advisers as fund members demand more information to help them effectively navigate this transition.
"This new course will arm the industry with the knowledge it needs to help guide fund members. It will also help spur innovation in the retirement income stream product market, by providing developers with a sound basis as to what this growing pool of retirees need and want from post-retirement financial products.
"As a compulsory system, the superannuation industry and financial advisers have an obligation to make sure people moving into retirement are provided with the best advice, and the best service. Expanding the knowledge base and lifting the skills of our teams will help deliver a better experience and better outcomes for fund members," Ms Vamos concluded.
For further information, please contact:
Lisa Chikarovski: Manager – Consumer Strategy, Media and Public Affairs, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia's superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation, which aims to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.