Financial advice demonstrating value more than ever

On Monday 18 May, Renato Mota – CEO, hosted the Federal Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Hon Jane Hume, for a live Q&A session with our staff.

During the webinar, Senator Hume touched on a broad range of topics including the advice industry, her previous work in the financial services industry, her role as a Parliamentarian, what drove her to enter politics and the nation’s ongoing response to the COVID-19 pandemic.

Senator Hume speaking during the webinar

Speaking on the continuing evolution of the advice industry, the Senator said that in a crisis such as COVID-19, industries can demonstrate their value proposition, with the financial services industry now having the opportunity to step up and support the wider community.

Senator Hume said, “Early release of superannuation was a chance for the industry to step up and demonstrate its value.

“The overall response of the industry has been terrific. I’m pleased with the level of cooperation and good will that has been shown during a really difficult time.”

Senator Hume also touched on the collaborative approach taking hold across Australia, in particular between business, government, regulators and community groups – all to deliver support to the broader Australian community. This includes the Senator’s work with ASIC to provide temporary and targeted relief to assist the industry in providing consumers with affordable and timely advice.

Senator Hume commented, “It’s important Australians have access to quality financial advice especially when they’re under severe financial stress and need to make big financial decisions.”

Following the conclusion of the webinar, Mr Mota said, “We thank the Senator for her time. It was impressive to hear how much the Government is doing to support the health of Australians and our economy at this time. It also reinforced the role the Australian financial services industry can play in this recovery and the importance of working together.

“It was also heartening to hear the Senator talk about the crucial role the advice industry is playing in supporting all Australians navigating this crisis.

“At IOOF we are fast-tracking initiatives to ensure Australians have access to the right knowledge, information and advice, during this challenging period, which for many will include financial challenge and stress.

If you are under financial stress due to the Coronavirus crisis please see how we can help and a summary of the Government’s initiatives on our Coronavirus hub. We recommend you seek advice from your financial adviser. If you don’t have an adviser, we can put you in touch with one.

If you have any questions, please contact us.