In this episode of the SMSF Adviser Show, hosts Keith Ford and Aaron Dunn are joined by Tim Miller, SMSF technical and education manager at Smarter SMSF, to break down an early Christmas present for the SMSF sector – the introduction of regulations on legacy retirement product commutations and reserves.

Miller explains why there was a need for these regulations to be put in place and who is set to benefit from legacy pension changes, the important dates for the measures, and considerations for both SMSF members and their advisers when deciding if exiting a pension is the right decision.

The podcast also takes a look back on a big year for SMSF professionals. Even though the Division 296 changes never got across the line, there were changes to the stage 3 tax cuts, the objective of super was legislated, and the government raised the ire of accountants with some ill-advised changes to the code of professional conduct for tax practitioners – and much more.

Listen as they discuss:

• How the SMSF sector was impacted by the biggest events of 2024.
• The key areas covered on the SMSF Adviser Show over the year that was.
• Why a number of these important issues are going to still be on the agenda in 2025.

Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.

In this conversation, Howarth shares his perspective on the current state of the sector, what a change in government would bring about for financial advice reform efforts, the prospect of super funds returning to advice, and what needs to change regarding the Compensation Scheme of Last Resort.

Tune in to hear the shadow minister’s vision for the advice profession ahead of next year’s federal election.

You’ll hear:

• What the Coalition’s plan to implement all the Quality of Advice Review recommendations means in practice.
• His plans to turn around what has been a contentious relationship between the advice profession and successive governments on both sides of politics.
• How Australia’s economy is looking following an extended period of high inflation and increased government spending.
• Whether the shadow minister is just talking a good game ahead of an election or if financial advice would be better off under a Coalition government.

In this episode of The ifa Show, host Keith Ford is joined by Kylie Denton, the owner and director of Performance Advisory Group, to explore how advisers can navigate the complex landscape of the intergenerational transfer of wealth and engage with different generations of clients.

Denton explains why financial advisers need to start thinking about how they will connect with this new generation now, as around $435 billion of wealth is set to transfer from Baby Boomers to generations X, Y, and Z over the next 10 years.

Listen as they discuss:

• The conversations that advisers should be having with clients and both their children and grandchildren.
• How advisers can tailor their offerings to younger generations that communicate very differently compared with older clients.
• The different concerns that younger clients hold, not just from a financial perspective but also on a broader level.

In this special episode of Relative Return Unplugged, we are sharing a discussion between Momentum Media’s Steve Kuper, Major General (Ret’d) Marcus Thompson and AMP chief economist Shane Oliver on the latest economic data and what it means for Australia’s economy and national security.

There are a range of complexities impacting Australia’s economic landscape amid rising geopolitical tensions, and there is a dire need for strategies to bolster the nation’s defence capabilities in the face of potential threats.

The trio take a look at the challenges facing the nation, such as stagnant productivity and a significant slowdown in GDP growth, highlighting the importance of balancing economic and national security priorities, particularly in the face of an increasingly complex and uncertain geopolitical landscape.

They also discuss:

• The need for a strategic approach to industrialisation, focusing on high-tech and automated manufacturing, to enhance Australia’s defence capabilities while maintaining economic stability.
• The need to boost economic complexity and diversity to better prepare the nation to face the mounting geopolitical and “whole-of-nation” efforts being leveraged against Australia in this new multipolar world and how best to deliver such a monumental change.
• The urgent need for a serious national debate with the Australian public about the future of the country and its economic future and the intersection of national security.

In this episode of The ifa Show, co-hosts Maja Garaca Djurdjevic and Keith Ford break down Financial Services Minister Stephen Jones’ latest update on the Delivering Better Financial Outcomes (DBFO) reforms and how the new class of adviser (NCA) is set to operate.

Details have been short on the second tranche of the DBFO and the delays have been lengthy, but the minister has provided a more in-depth look at how the super funds and insurers will be able to utilise NCAs to provide simple advice to members – though there is still no date for the release of draft legislation.

Listen as they discuss:

• Whether the ability for NCAs to charge for their service is a net positive and why it became a point of friction among stakeholders.
• The reaction from across the financial services industry.
• How likely it is that the legislation will be passed in the current term of Parliament, given the ever-shrinking window before the federal election.

Following a whirlwind of legislative activity in the last few days of the parliamentary sitting calendar for the year, the Senate passed a number of bills via a guillotine motion.

Although the controversial Division 296 tax was not among them after a last-minute reprieve, several other bills were passed that will ultimately affect the SMSF sector.

In this final episode of the SMSF Adviser Podcast for 2024, hosts Keith Ford and Aaron Dunn, CEO of Smarter SMSF, discuss the implications of these measures.

Listen as they discuss:

• The perseverance and success of the campaign by the SMSF Association regarding the Division 296 tax.
• The objective of super bill and how it may influence future policy decisions.
• The collapse of wealth management companies, particularly Dixon Advisory, and its impact on the Compensation Scheme of Last Resort.
• The ATO’s updated advice on long-running NALI regulations.

In this episode of Relative Return Unplugged, co-hosts Maja Garaca Djurdjevic and Keith Ford break down some of the legislation that passed during the government’s last-minute guillotine motion, including the measures to restructure the Reserve Bank into a two-board system.

As the parliamentary year came to a close last week, the government rushed 31 bills through the Senate on Thursday night, followed up with a 32-minute sitting in the lower house on Friday. Among the flurry of bills was the controversial measure to create separate monetary policy and governance boards at the RBA.

We explore the process that ended in this result, the reaction from economists and the opposition, and whether critics are right that the government will use the likely March start date for the new structure to stack the board ahead of the federal election.

Listen as they discuss:

• Why even the perception of political interference could damage the credibility of the bank.
• Whether the objective of superannuation will impact future legislation in the space.
• The government’s latest announcement on financial advice reform detailing how a new class of advisers will operate.

In this episode of The ifa Show, co-hosts Keith Ford and Maja Garaca Djurdjevic are joined by Money Management editor Laura Dew to dissect some of the submissions that industry stakeholders have made to the Senate’s Dixon Advisory inquiry.

Submissions for the Senate inquiry into failure of wealth management companies and the impact on the Compensation Scheme of Last Resort (CSLR) have started to be released, and some key issues have started to emerge around where the major problems lie and what can be done to fix them.

Listen as they discuss:

• How the CSLR came about and why the Dixon Advisory collapse has caused so many problems.
• The ongoing concern of what will happen when the $20 million subsector cap is exceeded.
• Options to address large firms walking away from their subsidiaries and leaving it to advisers to pick up the tab.