Congratulations to WenLi Ho on winning the Scratchies Tree and Matthew Lee on winning the Chocolate Tree.  The draw was held at Q Invest on Thursday, 15 December 2011 at 12 noon.

Over $600 was raised from the sale of tickets with all proceeds going to The Prince Charles Hospital Foundation. 

Thank you to all who contributed to this worthy cause.

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For the past few years, Q Invest hasbeen operating out of a serviced office at Birtinya. From 1 November 2011 we will be located in a brand new Q Invest office on Level 3, ‘La Balsa’, 45 Brisbane Road, Mooloolaba.

The new office is one of a range of exciting developments for the Sunshine Coast, aimed at better servicing our existing clients and helping QSuper members with their financial advice needs.

Geoff Russell joined us in November last year as our dedicated Sunshine Coast Adviser. Geoff has worked in the financial services industry since 1982 and as a Financial Adviser for over 20 years.

Geoff has recently been joined by Joanne Tinetti, who started with us in August this year as a Financial Adviser. Joanne will help us to assist more people and reduce waiting times for appointments. She comes to us with a wealth of experience, primarily with Suncorp.

We have also appointed Roxeane Russell, who has 20 years experience in financial services, specialising in customer service. Roxanne is our first ever locally based Client Relationship Officer and this appointment is indicative of our commitment to the Sunshine Coast.

If you would like to make an appointment for our Sunshine Coast office please call us on 1800 643 893.

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ASIC has recently launched a new website to help people with their finances.  The new Money Smart website was launched on the 15th March to help consumers make smarter decisions about their money.

As part of the launch, ASIC have also released a new booklet titled “Getting Advice”.  The booklet gives a broad overview for people looking to get financial planning advice.  It covers topics such as who to get advice from and what to do before getting advice.

When getting advice, ASIC suggest you:
> Deal only with a licensed financial advisory business
> Take time to find the best person for your needs
> Make sure the advice suits you and offers value for money

When choosing an Adviser ASIC suggest you look for someone who:
> Will put your needs first
> Works often with people in your situation
> Will fit in with you personally

The booklet explains the type of information you should provide to your Adviser to ensure you get suitable advice and suggests that once you have received your advice you should check it meets your needs.  

The website also details changes to the way Advisers are paid.  The Commonwealth Government proposes phasing out commissions from 2012.

At Q Invest we prefer to operate on a fee-for-service basis and we have a policy of rebating commissions to clients. By doing this, you will have the comfort of knowing that our recommendations are not influenced by product commissions.

To get a copy of the ‘Getting advice’ booklet or to explore the other tools and information available visit the Money Smart website at www.moneysmart.gov.au .

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Investment Trends 2010 Retirement Incomes Report (www.investmenttrends.com.au) has found that close to half of Australian retirees regret not putting more away in their superannuation. The report found that 46% of retirees would have made extra super contributions, start saving earlier or saved more consistently if they had their working life again.

"It seems that a large number of Australians are underprepared for retirement, with many having unrealistic expectations for their retirement savings," Investment Trends chief operating offer Tim Cobb said.

Mr Cobb believes that many Australians still have unrealistic expectations for their retirement savings and that almost half of the retirees and pre-retirees surveyed expect to receive the age pension, whereas only 31% of current retirees are in fact entitled to a full or part pension.
"At the same time, the report shows that retirees adjust rapidly to their reduced incomes, with actual spending among retirees considerably lower than the amounts that those still in the workforce anticipate they will need," he said.

The report also found a mismatch between Australians' expectations before retirement and the reality of retirement life for many. Before retirement, Australians expect on average that they will need $56,000 a year to lead the retirement lifestyle they are looking for. However retirees spend an average of just $39,000 a year once they retire, with spending declining to an average of $32,000 a year after 10 years in retirement.

The Investment Trends 2010 Retirement Incomes Report is based on an online survey of 974 retirees and pre-retirees in November and December 2010.

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Social demographer Bernard Salt and Associate Professor John Fraser provided an insightful discussion on the issue of longevity at the annual Q Invest business breakfast on Tuesday 26th July, 2011.

Bernard and John discussed the issues facing Australians as they live longer into retirement and the impact this may have for the wider community. They spoke about whether or not retirement will exist in the future, what standard of living might we expect, and who is going to pay for it all?

Bernard, a leading commentator and trend forecaster for business and government, identified that Baby Boomers will have greater expectations around the lifestyle they wish to lead in retirement and that over the next 40 years, the proportion of the Australian population over the age of 65 will almost double (to around 25%). John, a leading clinician working at The Prince Charles Hospital Foundation, spoke about how much has changed since he first started in medicine and the impact his research could have on improving and lengthening life.

John also provided an update on the progress of the BiVACOR project – the world’s first fully implantable artificial heart. The project is being funded by The Prince Charles Hospital Foundation which Q Invest is proud to support.

The event was held at the Queensland Rugby Club in Brisbane.
 

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Last week saw the release of the first tranche of the Future of Financial Advice (FoFA) draft legislation set to apply from next year.

The first part of the legislation relates to formalising financial planners’ legal duties to their clients and the “opt in” system which will oblige advisers to renew contractual arrangements regularly.

The “opt in” system requires advisers to get clients to ‘opt in’ every two years if they wish to continue to receive ongoing advice.  It aims to reduce the risk of clients paying ongoing fees unknowingly for services they’re not getting.

The legislation will also formalise a best interest obligation for financial advisers.  It will require them to act in the best interests of their clients and to place the interests of their clients ahead of their own when providing personal advice to retail clients.  The objectives, financial situation and needs of the client must be the first consideration when providing advice.

Clients of Q Invest will notice very little change in the way we conduct business, as we have long been advocates for better consumer protection.

This means Q Invest is well placed if and when this part of the legislation comes into effect from July 2012.  We will provide a further FoFA update once the second tranche of the draft legislation has been released later this month.

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The Deputy Prime Minister and Treasurer announced changes to the Financial Claims Scheme (FSC) cap on 11 September 2011.  The scheme guarantees deposits with Australian deposit taking institutions (ADI’s) and was introduced during the global financial crisis to secure confidence in our banking system.

A summary of the changes are:

• The guarantee limit per investor and institution will reduce to $250,000 from 1 February 2012 (previously $1 million);
• Any term deposits placed prior to 10 September 2011 will continue to be guaranteed up to $1 million until the earlier of the maturity date of the deposit, or 31 December 2012; and
• Any term deposit placed after 10 September 2011 will be guaranteed up to $1 million until 1 February 2012, at which point the guarantee will be limited to $250,000.

The Government believes, based on the strength of our banking system, it is now appropriate to adjust the settings.

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