Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
Where will all the Baby Boomers wealth go?
Baby Boomers are those born between 1946 and 1964, and according to US demographic figures, are the wealthiest generation in history. According to BlackRock, Baby Boomers in the USA hold around $70 trillion in assets. Millennials (those born between 1980 and 1995) are expected to be the main beneficiaries of this eventual wealth transfer.
Boomers, however, are also one of the biggest spending generations in history. With life expectancies continuing to increase, a large portion of this wealth is expected to find its way back into the economy supporting retirement living. A study by CNBC suggests that around 57% of Boomers’ wealth may actually make its way to the next generation. Even so, it is likely Millennials will be 5 X wealthier by 2030 than they are today, due to this generational wealth transfer.
“Your present circumstances don’t determine where you can go, they merely determine where you start” – Nido Quebein.
