Financial advice shake-up: what's in store for Aussies?

Angus Woods, CEO of Advisor Ratings, sees the Albanese government's decision to implement some of the suggestions made by the quality of advice review positively. The move is aimed at addressing the challenges Australians face when seeking financial advice.

Digital advice is one avenue being explored, alongside an increase in affordable superannuation funds. Angus believes that digital advancements will bolster the system rather than threaten it.

While the banks are not allowed to offer personalised advice, super funds are responsible for managing Australians' retirement incomes. Consumer groups have raised concerns, but Angus is confident that advisors' training will ensure that ethical advice will continue. The industry is likely to respond favorably to this decision.