Protecting your retirement savings: an important warning
Two episodes this week: Protect your retirement savings + Book Club is back
This week, I sit down with ASIC Commissioner Simone Constant to unpack a deeply concerning new report exposing major flaws in the safety nets legally required to protect Australians’ retirement savings.
ASIC reviewed six platform trustees responsible for more than $300 billion in retirement savings and found persistent failures in areas such as monitoring advice fees, unusual investment patterns, and high-risk super switching. The regulator has made it clear: trustees need to do better, and quickly.
If you have your super managed by a financial adviser through a platform product, this is an important conversation. We discuss what the report found, why it matters, the responsibilities trustees have to protect your money, and the exact questions you should be asking your adviser today.
Your super is likely to be one of the biggest assets you’ll ever own. Understanding where it is, why it’s there and how it’s being protected has never been more important.
You can find the report from ASIC here and I’ll be doing a deep dive in this weekend’s newspapers.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of the conversation:
What is a platform? A simple explanation of how they work and why they’re growing so quickly.
ASIC’s warning explained: What the regulator found and why it says the current situation is unacceptable.
The trustee’s job: The three responsibilities every super trustee has to protect your retirement savings.
The fee cap issue: Why ASIC is worried some members are paying far too much for advice.
Questions to ask your adviser: The practical checks Simone says every platform member should make.
“Time is up”: Why ASIC says its patience has run out and what happens next.
Book Club: Hips, Humour, and Hindsight with Author of The Dressmaker, Rosalie Ham
This week, I’m joined by bestselling author Rosalie Ham to chat about her latest book, Look After Your Feet.
It’s a warm, funny and refreshingly unfiltered conversation about getting older, embracing life’s imperfections and finding humour in the realities that come with the second half of life.
Whether you’ve already read the book or are looking for your next great read, I think you’ll really enjoy this conversation.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
From Bec’s Desk
Hello Primetimers! It feels like every other person is on holidays this week - so hopefully you’re tuning in from a sunny spot, dreaming about or living out your Prime Time goals. And despite all of that, I’m not on holidays (😕)!
It was a busy week in podcasting though. The chatty show with Rosalie on her new book was a joy, and the more serious one with Commissioner Simone Constant unpacked something I really want you to understand better. We don’t talk enough about how advice and platform-based investing actually works - what the proposition is, who it suits, and what questions to ask. It’s becoming the preferred business model for most financial advisers, so we need more open conversation about it so you know what the alternatives are. I’m delighted Commissioner Constant joined us to help us all understand it - and know where to be cautious and where platforms need to lift the game.
Also this week, we’ve launched the new Epic Retirement Flagship Course with a 25% off deal. It kicks off on 13 August and registrations are already moving. Visit our brilliant new website to learn more, download a brochure, and book your place.
And last weekend in the Epic Retirement Newsletter, I kicked off a conversation about a new project - Bec’s Epic Bucket List Adventures. No, I’m not launching a travel business. What I am doing is setting up four to six amazing bucket list trips a year for the Prime Time and Epic Retirement community, working with the best operator for each destination. Each trip will be hosted by me or a recognised Primetimer from the show. Yep - you can come on a bucket list adventure with me. So, we’re going to be surveying for what you’d like to do in the next week or two. If you think you’d be curious, sign up for our Expression of Interest list here - no obligation. We’ve got about 10 ideas to kick us off - and all of them are exciting.
Now, back to that sunset, holiday or in my case, pile of work to be done!
Until next week - Make your Prime Time count!
Bec Xx
