ANYONE WHO IGNORES THE SIGNS WILL GET HIT Australia's small population means there are a number of problems which will beset the future generations. Federal treasurer released this report today. Source: Smart Company
"Treasurer Joe Hockey has this morning released the government’s Intergenerational Report, which signals the need for Australians to work longer to counteract the pressures of an ageing population.
The report, which looks at population and budget projections into 2055, forecasts Australian life expectancy will hit 95.1 years for men and 96.6 years for women by 2054–55, compared with 91.5 and 93.6 years today.
“If we don’t do something, we risk reducing our available workforce, impacting negatively on growth and prosperity, and our income will come under increasing pressure,” said Hockey in the report’s foreword.
Hockey also flagged the further strain that an ageing population will have on the budget bottom line.
“With a growing population that will live longer, the Intergenerational Report shows the growth in the costs of many services, especially in health, that will put pressure on the budget and threaten the sustainability of those services,” said Hockey.
“Every day our spending exceeds Government revenue by more than $100 million. To make up the shortfall we have to borrow that $100 million per day.” ... See MoreSee Less
What does this story miss? It talks about the dishonesty of an individual over a number of years who has mislead and stolen from her clients. It talks about how quiet this story has been in the media and the bank is paying off clients to cover the losses. Although not obvious, the association is distancing itself from this adviser with the same old rubbish it has been trotting out for years.
Deborah Kent, national president of the Association of Financial Advisers, told Smart Company small business owners should equate finding a financial adviser with hiring an employee.
“You should do reference checks, do your homework,” Kent says.
“Find out who they are licensed to, whether they are independent. Check out their education and qualifications and if they are a member of a professional association. If they are, they will be working under a code of conduct.”
Whether this adviser did the wrong thing by her clients or not, she could not have survived in the industry, especially when the group to which she belonged is managed by a bank, without having the right and required qualifications. I find it shameful that when advisers stick their heads up for good or bad reasons, they are just dumped by the banks that own them or the industry to which most belong.
Doing the wrong thing is not excusable. But wiping their hands clean by putting the expectation on the client to do their homework is just ridiculous. It's the same with resumes. People provide anything some-one wants to see. My gripe here is with the industry not accepting responsibility. Education alone means nothing. There are many well educated street sweepers.
It really talks about the association trying to distance itself from the rogue operator and that it is the clients responsibility to ensure an adviser is educated and . What a shame! ... See MoreSee Less