Advice

As people age, a balanced diet becomes all the more important. So, seeing a nutritionist on a regular basis can be as crucial as a regular medical check-up to maintain good health and well-being.

A one-day conference will offer some concrete steps for those heading into or in retirement already about how they can enjoy their golden years – whether it be their health, well-being, relationships or social engagement.

With June 30 rapidly approaching, retirees need to closely review the past year – especially from a tax perspective – and begin their planning for the coming year.

It’s a lesson many in their retirement years need to learn – how to stop worrying about making money and start learning how to enjoy it.

It was the father of medicine, the Greek Hippocrates, who famously said “let food be thy medicine and medicine be thy food”. For retirees, that’s advice well worth heeding.

Many retirees are attracted to the notion of self-managing their nest eggs – a bid to find self-worth in retirement. It can be a poor choice.

To fill Australia’s financial advice gap and empower better financial and retirement outcomes for millions, the government’s plan will create a “new class of advisers” from the institutional ranks to provide simple advice to customers. Industry groups have applauded the move.

An annual survey of high-net-worth investors shows an increase in the richest Australians over the past year, even as the share of those receiving financial advice has fallen. With the largest intergenerational transfer of wealth in history on the line, a better-aligned approach may be needed.

With higher interest rates and inflation upending investment dynamics, advisers say they’ve already begun transitioning their clients toward fixed income and defensive assets following a long period when duration didn’t have much to offer.

Financial advice will take a different shape in the future, with the infamous Statement of Advice no longer mandatory and swathes of red tape slashed. The government has also plumped for super funds to play a much larger role in the advice spectrum.

A desire to flaunt ubiquitous wealth on social media is putting moneyed families at risk, according to family office representatives, with extortion and kidnapping “a legitimate concern”.

While advisers are still the first choice for investment advice – especially among the emerging affluent – the needs of Australia’s growing cohort of high-net-worth investors are evolving, as more seek validation of their own investment ideas rather than holistic advice, platform provider Praemium says.