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Super contributions, transfer balance caps and home ownership dominate adviser queries
28 November 2023

Financial advisers are focused on helping their clients navigate superannuation contributions, conditions of release or withdrawals, transfer balance caps and home ownership issues, according to the latest data from AMP Advice. 

TapIn, AMP Advice’s technical service for its advice network, received more than 10,000 calls and email queries from financial advisers over the last year1

Almost one in four (24%) questions that AMP received from advisers related to superannuation contributions and dealing with a death benefit, with one in fifteen (6.3%) queries relating to concessional contributions. 

The findings are supported by recent AMP research which found most older Australians heading into retirement lack knowledge about fundamental aspects of managing their retirement finances, underlining the importance of advice in helping them navigate this important transition.

3 in 5 (59%) Australians aged 50 and over said they wished they’d started planning for retirement earlier in life and over half (52%) did not know what a retirement income product is2 .

Almost one in three (31.3%) were extremely concerned about whether they would be able to afford aged care.

In addition to concessional and non-concessional superannuation contributions, the most common topics raised by AMP’s adviser network this year were condition of release or withdrawals (340 queries), transfer balance cap (309 queries), dealing with a death benefit (292 queries) and home ownership issues (228 queries).

AMP group executive, advice Matt Lawler said:

“With their deep knowledge and expertise, our TapIn team continues to be held in the highest regard by our advisers and provides a compelling advantage for AMP in making advice more accessible for more Australians.” 

“Core to our offer, TapIn’s regular data and feedback directly complements our value-added services and shines an important light on the key questions and challenges faced by advisers and their clients today. 

“Advice is a firm part of our DNA and we’re always happy to support our network, encouraging more advisers to come forward and make the most of the expertise and services we have on offer.”

AMP head of technical strategy and TapIn, John Perri said: 

“The only constant in superannuation is change and we have witnessed a growing number of calls from advisers around what the latest in superannuation reforms and regulations mean for their clients.”

“AMP Advice provides a helping hand to our advice network through valuable services like TapIn, with a plethora of accessible resources such as our publications, fact sheets, educational webinars and regular events like Network Connect to help showcase industry best practice.” 

1 AMP’s TapIn Monthly Snapshot for November 2023

2 AMP Media Release 19 September 2023, see here