24 November 16
" The superannuation industry is ripe for change and disruption is here"
The industry association ASFA, CEO Martin Fahy certainly thinks so – he warned all publicly at the annual conference in his first major address that:
“the superannuation industry is at high risk of being disrupted by the fintech sector.
“Our standard of a comfortable retirement is 70% higher than the age pension, and the average retirement income is currently not much higher than the pension.”
"On top of that, 20% of people under 29 have indicated they are looking to change superannuation funds in the next 12 months. We need to lift what we deliver to fund members, how we engage with them, and how we engage with government. People want to embrace the system, and we need to help them do that."
Douglas Bucknell, Managing Director, Tailored Superannuation Solutions Ltd, 24 November 2016
Please read the full announcement via the link below.