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With the end of the financial year just around the corner, top of mind for many financial advisers is the indexation of superannuation caps and thresholds, which includes an increase to the ‘preservation age’ relating to when Australians can access their super, as well as the qualifying age for the age pension.
The 2021 end of the financial (EOFY) will be nothing like previous financial years for many Australians with potential Government stimulus payments, early release of super withdrawals, change in working hours and working from a home office all impacting financial goals and tax time preparations.
Advisers are focusing on proactive strategies for clients, with superannuation and particularly contributions top of mind, as social security measures take a back seat.
BT Panorama is now Australia’s largest contemporary investment platform with $49 billion of funds under administration (FUA). More than 38,000 BT Wrap client accounts have been transferred to BT Panorama in the last week, increasing FUA by 30%. Once all BT Wrap accounts have been transferred (completion is expected by the middle of this year), BT Panorama will have around $90 billion FUA.
For the third year running BT Panorama has been awarded ‘Best Mobile Platform”, ‘Best Client Portal’ and “Best Online Business Management’, in the latest Platform Competitive Analysis and Benchmarking Report from Investment Trends.
Invest Blue has partnered with BT, in conjunction with Ironbark and Russell Investment Management, to develop a managed account solution for the advice firm’s 4000-strong client base.
COVID-19 continued to be a dominant theme in Australians’ conversations with their financial advisers in the final quarter of 2020, as clients realise their plans to downsize for lifestyle or health reasons.