THE HON STEPHEN JONES MP

ASSISTANT TREASURER

MINISTER FOR FINANCIAL SERVICES

MEMBER FOR WHITLAM

MEDIA RELEASE    

The Albanese Government wants all Australians to be able to access affordable, high-quality financial advice.

At the official opening of Smart Financial in Warilla, Minister for Financial Services Stephen Jones reaffirmed the government’s commitment to reducing red tape, supporting financial advisers, and protecting consumers.

Smart Financial is a small financial planning practice that has been operating in the Illawarra for 16 years.

After experiencing an increase in demand and growth, the team of thirty-five – including nine financial advisers and two professional year advisers – has moved into the former Shellharbour City Council Chambers, which are newly refurbished.

Minister Jones met with the team and discussed the government’s comprehensive financial advice reform package, which will improve access to high-quality financial advice and lead to better outcomes for more consumers.

With over five million Australians at or approaching retirement, and only sixteen thousand professional advisers, many people simply can’t access advice. With the cost of advice increasing, many have turned to advice from unregulated sources, including scammers.

The government’s reforms will expand access to advice and cut red tape that does not improve consumer outcomes yet adds to the cost of advice. The package is good for consumers and will lower costs for financial advisers. Access to safe, quality and helpful financial advice will deliver better outcomes for more Australians.

Quotes attributable to Assistant Treasurer, Minister for Financial Services and for Whitlam Stephen Jones:

“Smart Financial is one of many financial firms across the nation that are expanding their operations, and our Government is committed to supporting the industry and getting more advisers into communities like here in the Illawarra.

“There are only around sixteen thousand financial advisers available to service the needs of five million Australians at or approaching retirement. We will expand access to advice so that Australians don’t need to look for help from unregulated sources or scammers.

‘That’s why we are determined to fix financial advice and ensure Australians can access affordable advice that is quality, helpful and safe.”

ENDS