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Wealth Management Significance Arrangements to have funds available when retired
Tax advantage of saving
Enshrined in law: Superannuation Industry (Supervision) Act 1993
Pool is $1.4 trillion ( APRA: Australian Prudential Regulatory Authority)
Boost your own Super - caps
Government Super contributions -fair system
Currently the employer pays 9%
2013 to 2020 change from 9% to 12% SuperStream:
Enhance the 'back office'
Improve productivity of the system
Simplify the use of the system Adaption of data standards, reducing accounts, Government's Securing Super initiatives MySuper:
1 July 2013
Improve transparency and comparability of super products
Simplify superannuation products Features: single investment option, min. level insurance cover, comparable fee structure, limited fee changes The change requires highly specialized resources in various disciplines
Organisational Change Management
Program & Project Management
IT Architects Stronger Super Reforms will improve Australia's superannuation MySuper SuperStream SMSF Governance Regulatory Bodies: APRA, ATO, ASIC, SCT Industry Groups: Industry SuperFunds group, ASP Superfunds types: Retail, Industry, Public sector, Corporate, SMSF. source: blog.lewistaxation.com.au source; articles.economictimes.com Private Customers Financial planning services Wealth Protection Wealth Creation Corporate & Institutional customers Investment Employee benefit solutions Other product areas within Wealth Management Wealth Management In terms of fees & Charges: the least expensive % of Super per fund type across Australia