AMP welcomes the Government’s announcement that it is progressing the second tranche of the Delivering Better Financial Outcomes (DBFO) package to help make advice more affordable and accessible.

We look forward to reviewing the proposed reforms in detail, including getting clarity on the role scope of the new class of adviser – it’s important there is a clear and recognisable distinction with the services currently provided by professional financial advisers.

We know far too many Australians struggle with our retirement system, so we need a solution which allows for everyone approaching retirement to access some form of financial advice, depending on their needs.

These advice needs are many and varied, so measures which support scalability, transparency of service, and fees commensurate with this service, should be encouraged.

More broadly, we must recognise there is a significant shortage of advisers in Australia and these measures will help attract more people to the industry. It’s logical that practices providing comprehensive financial advice – the experts – can employ and develop this new class of adviser.

AMP believes strongly in the value of financial advice and will continue to advocate on behalf of the profession.

Alexis George, AMP Chief Executive Officer