Democratising advice: A national priority for Australia’s retirement system

With Australia’s superannuation system now focused on retirement outcomes, advice is central to delivering them effectively.

In a recent contribution to Conexus Financial’s Retirement Magazine, CEO MUFG Retirement Solutions ANZ, Frank Lombardo explains why advice should be considered an essential public good, not a luxury service reserved for the wealthy. 

While demand for guidance continues to rise, cost and capacity constraints continue to place professional advice beyond reach for many households.

This article calls for a shift in mindset:

• A coordinated approach across policymakers, regulators and industry is needed to scale access while maintaining strong consumer protections
• A tiered advice framework that can help extend practical, affordable support and guidance to more Australians
• Technology and AI are the multipliers, expanding capacity and reducing cost, while preserving the role of human expertise where it matters most