Industry groups want the government to make fast, cheap financial advice possible for those impacted by the COVID-19 downturn - especially when it comes to early access to super.
Panicked, stressed people are making rash decisions and falling victim to scams as they navigate the economic fallout of COVID-19 - but compliance has left some financial advisers and service providers feeling hamstrung in helping.
MLC Wealth is waiving licensee fees for all of its aligned financial advisers as they struggle to operate their businesses and provide support to clients during unprecedented uncertainty. It has also delayed the transition of advisers from Apogee and Meritum.
Almost eight in 10 advisers surveyed by Allan Gray think the COVID-19 crisis will increase the demand for financial advice.