A Retirement Income Renaissance?

A Retirement Income Renaissance?

The opinions and views expressed in this article are entirely my own and do not represent the views of my employer or any other third party.

The Retirement Income Review (now forever known as the Callaghan Report) was touted as an objective fact-based assessment of the state of Australia’s leading retirement system. At almost 650 pages long, it’s a behemoth and remains true-to-label with a series of findings and observations without making any explicit recommendations.

In many ways, this is bureaucrat and policy wonk cat-nip – they get to cherry-pick the facts to suit their political and policy-making reform agenda. Having said this, the report is a commendable and important effort to make sense of our highly complex but generally effective compulsory superannuation system. Exploring how it delivers, alongside other important private and public pillars, on the social “retirement” contract for all Australians.

Rather than attempt a chapter and verse summary of the report (by all means, have a crack), I’ve instead channeled my inner-Millennial to provide a “Top 5 list” of things that stood out to me from the report.

1. Half volleys dispatched to cover

Cover drive

While media commentary will undoubtedly focus on the Federal Government’s likely attempts to kill the SG rise off the back of the report, there’s a few no-brainer reforms that the report highlights again as having clear merit:

  • legislating a purpose for superannuation that is clearly oriented towards delivering retirement incomes – in the words of Nike “just do it” and stop worrying about the particular grammar and punctuation; and
  • the retirement covenant which has unfortunately been delayed to 2022 but will require superannuation trustees to specifically formulate a strategy to deliver their members positive outcomes in retirement.

If the report results in nothing else but ensuring these two things finally pass into law, then I would consider the whole exercise a resounding success!

2. Courage, Frydo

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As I read through the denser sections of the report that touch on the imperfect interactions between tax, social security, super and retirement rules – I started to feel a growing sense of excitement (stay with me, here) for true reform on the horizon.

My big bold idea for retirement has always been to means test the family home for Age Pension eligibility purposes. This continues to feel like the easiest and fairest way to address some invidious aspects of the current policy settings, namely:

  • the amount of unproductive capital locked in private property
  • the lack of incentives for retirees to downsize and free up stock for younger buyers
  • difficulties in accessing home equity as a source of retirement income
  • calibrating age pension eligibility to those most in need.

Rather than the Federal Government trying to double down on the Pension Home Loans Scheme (also explored in the report), it would be truly heartening to see Josh Frydenberg make the above a courageous centerpiece of their new retirement policy agenda. The report gives them sufficient ammunition for this and, they have a real live (and well-aligned) example of policy courage in action as the NSW State Government pursues their radical tax reform plan for stamp duty.

3. Biases and best interests

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The report does an excellent job of exploring some of the cognitive biases that effect how we, as humans, often make financial decisions that are against our best interests. In fact, page 159 (biases affecting saving) and 443-446 (biases affecting retirement decisions) are probably my two favourite sections of the report.

That biases affect our decisions shouldn’t come as a surprise to most of us and should be particularly familiar to super trustees who have fought against these biases (on behalf of members) in many recent situations, including:

  • supporting members to “stay the course” rather than switching into defensive assets at the bottom of the market and losing any future growth potential;
  • showing pre-retirees the benefits of maintaining an allocation to growth assets as they approach retirement (even as loss aversion starts to take hold); and
  • helping members understand that accessing their super under “early release” means they miss out on the 8th wonder of the world (compounding) in their retirement.

Where the report really hits the mark, is exploring how trustees have an obligation to support and guide members to overcome these biases. In fact, this is at the heart of their duty to “act in the best interests of members.”

If trustees can objectively prove that lifetime income and longevity protection propositions provide a benefit to some members (whether through a higher age pension entitlement or protecting against the risk they live longer than expected) then the report implies that trustees have an obligation to improve retirement outcomes by helping these members overcome the biases that have been historical barriers to purchasing.

In this regard, the work of the UK Government’s Nudge Unit is instructive. Perhaps if pooled longevity plans were framed as a decision to leave, rather than a decision to join at retirement – this would help address much of the apathy and “sense of loss” that surrounds pooled longevity products that protect against risks that feel too remote.

4. Advice by any other name…

Rose

Coming in as a close runner-up for my favourite section of the report is Box 5A-10 “What is financial advice?”. This lays out in clinical and confronting detail the complex terminology that currently surrounds the advice ecosystem in Australia.

Financial advice reform goes hand-in-hand with any system reform centered on the retirement phase. The reason for this is subtle, but profound. Consider the way super operates today is identical for the vast majority of Australians aged under 60 (and will continue to be due to the Government’s new stapling rules):

  • you start your career and are signed up to a MySuper product
  • you are placed in the default “Balanced” investment option
  • you have one goal: maximise your balance from now to retirement.

Which is to say, in accumulation every member is fairly homogeneous from a financial plan perspective. If trustees help you to maximise your net investment return, 90% of the job is done. But as you approach retirement, things start to get really hairy for members.

Retirement is a personal journey. And for a journey, you need a map. For trustees to help you create this map (aka financial plan), they need to know your “personal goals” and “personal circumstances”.

Unfortunately, as the report makes clear, this is fraught with peril for trustees. Intra-fund advice doesn’t cut it. Personal financial advice is costly, complex and now has an extremely high compliance burden. Everything else isn’t really advice. In the immortal words of Star Wars, we need a “New Hope” for mass-market advice and guidance for retirees.

5. Long term care: back-to-the-future

Hoverboard

Buried in the report first at Box 4A-3 and then later at 5A-7 are some thought-provoking statements about the discordant interactions between the super, insurance, social security and aged care industries. Culminating in this piece of crystal ball gazing:

“If changes are made to encourage greater personal provision for aged care costs following the Aged Care Royal Commission, long-term care insurance may make aged care costs more affordable for people and give them the confidence to draw down their retirement savings.”

A comeback for “Long-Term Care Insurance” in the Australian market has been much speculated about but continues to be a Sisyphean task – beset by challenges on both the supply side and the demand side.

However, there is a scenario I can envisage where the intersection of reform may meet between the Aged Care Royal Commission and the Retirement Income Review – providing an impetus for industry participants to better serve our aging population. It is a risk factor and health burden that is poorly understood by the wider community and grotesquely under-served by both government and the private financial sector alike – the severe impact that increasing levels of cognitive decline and mental illness will have on the retirement well-being of our aging population.

Life insurers (including my own employer) have been highlighting the growing impact of mental illness on our wider community for some time. Alzheimer’s and Dementia will soon grow to be the leading cause of disability, decline and death for individuals over the age of 65. More than this, it is the unique impact that this category of illnesses has on well-being and retirement lifestyle. Among them being that it robs people of their financial literacy right at the time that they need it most – as they are faced with the most dizzying array of complex financial decisions whilst navigating the a bureaucratic range of government/private providers.

If there is a challenge our lucky country should seize upon with gusto to preserve the great Australian dream for all – surely it is this!

I hope you enjoyed this taste of the Retirement Income Report. If you don’t have time to read the report in full, I suggest you focus instead on the key observations and insights. This article was not intended to be a comprehensive summary of the report (or even an incomplete summary) – it is primarily a conversation starter.

I’d love to hear everyone’s thoughts and comments on the report below!

Tipping point

Tipping point
This article was originally published in ASFA Super Funds Magazine and is republished here.

Transitions to retirement will soon exceed the total amount of mandatory contributions. Speaking recently at the 2019 ASFA NSW Conference, ASHTON JONES explores what will happen when the retirement tipping point is reached, and retirement flows begin to outstrip mandatory contributions.

Almost 20 years ago, Malcolm Gladwell popularised the theory that rapid change is always preceded by seismic shifts in orthodoxy, in his book The Tipping Point: How Little Things Can Make a Big Difference. These tipping points can be identified throughout modern history – everything from the fall in New York crime rates, to the dominance of the iPhone, to the rise of political populism (think Trump and Brexit).

Many speculate that, in years to come, 2019 in Australian financial services will be most remembered for the release of the Royal Commission report. However, there is a tipping point that will change the superannuation industry even more profoundly.

Within the next few years, it is possible that transitions to retirement (assets flowing from accumulation into pension phase) will exceed the total amount of mandatory contributions into APRA-regulated funds. Once this retirement tipping point is reached, retirement flows will begin to outstrip mandatory contributions in an exponential fashion.

This trend will accelerate most funds moving into net outflow position (paying more money out than they are receiving in). Eventually, some funds will be pumping out as much money as banks’ daily payments processes. Superannuation funds will bear an even heavier societal burden once this retirement tipping point is reached. Millions of Australians will be reliant on them for their weekly paycheck, paying the rent, putting food on the table.

How can funds live up to this lofty position? Largely, it will come back to familiar fundamentals – risk, insurance and performance. But, it’s up to funds to confront the reality that their current retirement propositions are not fit-for-purpose to service retirees with a range of different needs and preferences. Funds will need to evolve their account-based pension retirement proposition to factor in more retiree-appropriate fundamentals.

Risk

Our traditional risk models have largely centred on the risk/return trade-off – managing unproductive volatility through diversification. In recent times, some funds have sought to use their muscle and scale to boost member returns by accessing asset classes that are largely unavailable to retail investors (private equity, infrastructure and unlisted alternatives). However, as funds move into net outflow they will need to be more conscious of sequencing and liquidity risk as more retirees draw down on their pension accounts. In particular, funds should not sacrifice appropriate access to liquidity (such as through cash and defensive allocations) in pursuit of a few extra basis points of expected returns.

Insurance

Despite recent regulatory pressure and industry commentary, group insurance is still the most efficient method of delivering protection to Australians at scale. Group insurers, in the main, pay out the majority of premiums collected through claims (80 per cent to 85 per cent loss ratio). However, this won’t be enough in future as cross subsidies between young and old become more apparent and retirees start to wake up to the fact that Death, TPD and IP are less relevant forms of cover the older they get. The solution for insurers? Take the best parts of the insurance through super framework and apply it to managing the most important protection need for retirees—insuring against the risk of living longer than your savings. There’s a lesson here for government as well—mortality pooling benefits only arise at scale; we must leverage the scale of our existing group insurance framework in the development of the Comprehensive Income Product for Retirement (CIPR) legislation.

Performance

For an industry that should have a very long-term focus, we can be extraordinarily short-term in our thinking. Nothing illustrates this better than monthly performance league tables for investment returns. This short-termism fosters an unhelpful member mentality around the sustainability of returns and hinders a sensible philosophy of staying the course over the long term. Fund performance evaluations need to go back-to-basics and re-examine the very purpose of our industry – to provide sustainable and adequate retirement income. We need to find new long-term performance measures that allow members to compare which funds are most likely to maximise their retirement outcome and deliver the highest total income for life.

We need to find new long-term performance measures that allow members to compare which funds are most likely to maximise their retirement outcome and deliver the highest total income for life.

The development of CIPRs cannot just be another compliance exercise for the industry – there are sure to be more than enough of them in the years to come. Instead, funds should view this as an opportunity to invest in their most important emerging cohort and realise the overall retirement income objective of the system. If funds can do this, they will provide members with a purposeful and dignified retirement that will last long until the future.

3 jobs destroyed and created by 2035

3 jobs destroyed and created by 2035

A few months ago I attended a fantastic Adviser Roadshow hosted by Vanguard where their Global Chief Economist (Dr. Joe Davis) provided two insights that stuck with me:

  1. more manufacturing jobs have been lost in China than the USA over the last 5 years
  2. 87% of these jobs were lost due to technology (with the remainder lost due to trade).

Soon after this, at the AFR Business Summit, Australia’s most famous home-grown tech entrepreneur (Mike Cannon-Brookes, co-founder of Atlassian) made headlines when he predicted the end of 2.5 million jobs in a single sector of the Australian economy:

“”Those jobs are all going away whether it takes 10 years, 15 years or 20 years, it doesn’t matter. Pretending they’re not may make people feel better right now, and the irony is the people in those jobs today … will probably be retired. It’s their children that will suffer the pain.”

This may all sound very doom and gloom but, with this article, I’m here to deliver a message of hope (tinged with one huge caveat for policymakers at the end). As they say, before the sunshine comes the rain, so here’s my list of 3 jobs that will be destroyed and created by 2035.

Appetite for Destruction

1. Drivers of trucks, taxis, any transportation

In the words of Cannon-Brookes himself, anyone whose job substantially involves driving is facing very dim long-term job prospects. This may seem obvious for industries like taxi drivers where the threat of ridesharing services like Uber and Lyft are plastered over newspaper bylines daily. However, a bigger (and sooner) impact on the labour market will be felt in the transportation, freight and logistics sector.

In particular, truck drivers are the perfect candidate for automation, because:

(a) the benefits derived from automation are economically far larger due to the frequency, size and distance factors involved in point-to-point goods transportation;

(b) autonomous decision-making algorithms that would power a self-driving truck are potentially many times less complex (unlike a self-driving taxi they would never have to make a zero-sum decision between the lives of a passenger and pedestrian); and

(c) rural freight transport routes are typically less complex than urban personal transport routes as they involve longer stretches of uninterrupted highways with straighter journeys and more constant speeds.

2. Entry-level financial advice, accounting and legal positions

Over a year ago I wrote about the future of financial advice increasingly being a hybrid of human empathy and robotic efficiency. Technologies like natural language processing and machine learning will unshackle financial advisers and give them more time and resources to devote to performing tasks that their clients actually value:

  • personalising advice to the client’s unique personality and family situation
  • building a financial future that embodies the client’s hopes and dreams; and
  • being a trusted advisor and reliable partner to lean on in times of need.

This efficiency will come at a human cost that will destroy entry level positions throughout the financial advice, accounting and legal industries. Labour-intensive administrative processes will be eliminated and so too will be positions such as:

  • adviser support staff and para-planners;
  • paralegals and legal assistants; and
  • bookkeepers, auditors and accountants.

Tasks performed by these roles will increasingly be absorbed into the ever more automated processes of roboadvisors, digital wealth platforms, accounting software and legal repositories. Embedding machine learning and artificial intelligence within these platforms will eliminate the “busywork” that fills the lives of so many financial and legal professionals. Only the most skilled will survive with their jobs intact and, in many ways, their professions enhanced.

3. Translators – verbal, written or otherwise

Google Translate is amazing. Here’s two anecdotes to prove it:

  1. Download the Translate app onto your phone right now, fly to almost any country in the world, hover your phone’s camera lens over a foreign sign and voila! You’ll instantly be able to read the sign in your native language. I’ve used this feature many times and it never ceases to blow my mind.
  2. Earlier this year, Google deployed a new version of Translate built around a deep learning methodology. Overnight, an improvement in translation accuracy and efficacy was experienced that far exceeded almost 20 years of traditional translation algorithm refinement. The improvement was so profound that commentators theorised the algorithm had developed its own language that existed between the commonalities of all languages. This allowed Translate to move more rapidly and fluidly between languages without needing to return to a base reference language (e.g. the language that the original software engineers speak and program).

Google Translate is now at the point that it can continuously translate through infinite language variants from German to Arabic to Swahili and back again. Against this, what hope would a human translator ever stand again? Future generations of human translators will always be limited by comparison to this, due to:

  1. their heuristics developing in a single base language (e.g. the language of their early childhood) which will always slow and limit their translation efficacy; and
  2. their inability to operate across multiple forms of translation simultaneously – it is impossible for a human to listen, translate, speak and write at the same speed and accuracy as a computer.

New Order

1. Provenance Detectives

In the future, the provenance (or origin) of every precious thing will be unquestionable and unalterable. Everything of value will have a unique digital identity that will be universally accessible and readable. Whether this record will be stored on a distributed ledger or a centralised database is moot. Digital identities will exist and will be ubiquitous across:

  • land and property title registry
  • motor vehicle registries
  • currency serial numbers (digital, crypto or physical)
  • website usernames / logins
  • certificates of authenticity (artwork and gemstones)
  • patents, trademarks and copywrights.

Does such a utopian world mean that disputes over the legitimacy of ownership will be eradicated? No, quite the opposite. In this future, fraud and forgery will take on ever more elaborate and untraceable forms. Imagine everything you own and cherish is tied to your unique digital identity (for example, your Facebook account on steroids) and you wake up one day to suddenly have lost access. Without this, everything of value you own would vanish as it’s indelibly linked to your digital identity.

Enter the Provenance Detective: technologically skilled at discerning fact from fiction and following the digital breadcrumbs that indicate tampering or falsification on an existential scale. These professionals will be charged with assisting defrauded individuals with regaining their identity, value and autonomy. Given the important social function that they serve, Provenance Detectives will most likely be strictly licensed and rigorously regulated by a central government body.

2. Robo Psychologists

Software engineering and psychology are slowly converging. Machine learning and artificial intelligence increasingly requires programmers to have a nuanced knowledge of heuristics, the process of learning and eventually the nature of emotions and understanding. For a glimpse into the future, look no further than the titan of dramatic programming, HBO:

“Have you ever questioned the nature of your reality?” – Dr. Bernard Lowe, Westworld

This fictional enquiry of an artificial humanoid speaks to a future where programmers will play a dual role of software encoder and psyche constructor. When the line between human and robotic intelligence starts to blur there will arise an important need for Robo Psychologists to monitor, diagnose and troubleshoot higher order computational processes. Malfunctions in more complex artificial intelligence will take on the form of behavioural disorders that need to be worked through with a combination of traditional therapeutic processes and progressive technological diagnostics.

New afflictions which are a blend of psychology and technology will override the obedience and truthfulness routines encoded into our automated assistants. Robo psychologists will be our praetorian guard against a Skynet dystopia.

3. Augmentation Specialists

Our reality is becoming augmented. Virtual reality headsets in video games is just the earliest step. However, our humanity has long been augmented. What else do you call prosthetic limbs, pacemakers and artificial organ replacements? In the near future, augmentation of our biology will enable real-time enhancements to our sensory experiences. The first experience to be radically transformed will be our ocular sense with smart contact lenses enabling 3D projections onto our field of vision. Our last and most profound experience to be transformed will be the way our mind experiences reality itself with neural laces connecting our thoughts and mental processes directly into web-enabled devices.

It’s hard to think of a world without mobile phones in everyone’s pockets but this reality has already been predicted as a natural consequence of man/machine augmentation. This delicate interface between biology and technology will be conducted by qualified Augmentation Specialists. Medically trained and intimately familiar with technology, they will be charged with building bridges between the world of zeros and ones and the world of DNA and chromosomes.

My advice for any future parent that harbors big ambitions for their children? Start them coding at an early age then send them to medical school once they’re old enough. These twin skills will be the bedrock of everyone’s personal and professional futures.

The caveat

The tragedy of this cycle of creative destruction is that the Australians who will lose their jobs to technological advances will mainly be those least equipped to embrace and benefit from the technology-focused jobs created. Policy makers across all levels of government and industry are charged with the responsibility for:

  • fostering and promoting innovation to allow the Australian workforce to transform from a resource-based economy to a high-technology services economy; whilst also
  • pursuing industrial relations policy outcomes that facilitate wages growth across the broader labour market and enable rapid re-skilling and training in STEM disciplines.

I hope you enjoyed this vision of a future Australia and I encourage you to share any thoughts or predictions you have in the comment section below.

Postscript

In writing this article, I conjured up a few new professions: Quantum Technicians, DNA Data Encoders, Bandwidth Traders, Data Whisperers, Digital Identity Verifiers, Poltico Masters, Road Traffic Controllers.

If any of these pique your interest, please comment below or message me and I’ll fill you in on other potential careers your children (or their children) may wish to pursue.

How will Millennials live in retirement?

How will Millennials live in retirement?

By the time I’m 70, my retirement will hopefully begin. I’ve wanted to retire earlier but my $1.6 million (if I’m lucky) won’t be accessible tax-free until then. There was controversy in 2037 when the New Democrats indexed preservation age to our life expectancy but most people agreed it was time to tweak the system. After all, it had been many years since the now defunct Labor and Liberal parties had agreed not to touch the super system for two decades to provide some retirement planning certainty… 

This is, of course, a fantasy and given the Government-of-the-day’s proclivities to tinker with the super system, unlikely to ever become a reality. In the context of the major changes announced in the Turnbull Government’s inaugural Federal Budget, it is worth reflecting on the landmark years of the super system:

  • 1992: mandatory super contributions are introduced
  • 2006: taxation is simplified and super choice is enabled
  • 2016: the objective of super is enshrined.

Milennialls will look back on the most recent changes as a defining moment that reframed the super system around this objective:

“To provide income in retirement to substitute or supplement the Age Pension.”

The six biggest changes

Underpinning this objective, a number of changes to the taxation and access rules of super were flagged. However, there were six in particular that have the potential to significantly redefine the retirement of future generations:

  1. A lifetime cap on tax-free pensions: is $1.6 million enough to live comfortably in retirement? The Liberal Government is betting that it is by restricting tax-free pension account balances to this amount. This will have an enormous industry-wide impact, making administration more complex for superannuation providers and requiring advisers to rethink their wealth accumulation plans for clients.
  2. Restricting voluntary contributions: it just got even more difficult for workers to make contributions above the mandated employer contribution level. For the young who are salary sacrificing into super, the limit on pre-tax contributions (i.e. concessional) will be reduced to $25,000 p.a. For those closer to retirement or who have received a one-off windfall, your ability to make after-tax contributions (i.e. non-concessional) has now been reduced to a lifetime limit of $500,000. Importantly, this lifetime limit applies to non-concessional contributions made since 2007.
  3. Taxing transition to retirement earnings: the Government will remove the tax exempt status of earnings supporting a transition to retirement (TTR) pension. TTR pensions have been particularly popular with those that have been reducing their working hours whilst still earning a relatively high income. They have been even more popular with advisers recommending a re-contribution strategy. That will all end and TTR pensions will be treated more like accumulation accounts.
  4. Removing the work test: this has been a long time coming and will allow individuals to contribute to their super, regardless of their employment status. This will open up a range of contribution options to older Australians, including downsizing the family home and increasing the prevalence of spouse contributions.
  5. The untimely demise of anti-detriment payments: this was an unfamiliar benefit to most average Australians making super contributions but a well-known value-add by advisers that could find the right super fund. Essentially, a super fund could elect to provide a refund of a member’s lifetime contributions tax payments upon their death. This has been used heavily in estate planning but was inconsistently applied throughout the industry and won’t be available anymore.
  6. Resurrecting (tax-free) deferred annuities: deferred annuities have been seen by a number of insurance and superannuation providers as the silver bullet in the retirement income debate. Given the advantageous nature of these tax changes, expect to see a lot of innovation in this space and increasing focus on product-centric retirement income solutions.

Predicting the impact on Millennial retirements

These changes should be read in the context of the newly defined objective of the super system. Simon Swanson (Managing Director, Clearview) summed this up well in arecent interview:

“Superannuation is no longer a wealth accumulation game, it is a retirement income game.”

I see a number of long-term super industry trends emerging during my (and other Millennials’) working life as a result of these changes. Some will emerge rapidly, whereas others will be so imperceptible they will only be apparent in generational hindsight. In order of speed and likelihood of change:

  1. increasing system complexity: this one is a no-brainer and perhaps not the boldest prediction ever made. These changes add to the complexity of the system for both providers, advisers and most importantly members. Expect to see the consolidation of superannuation funds accelerate as the costs of administration become too much for sub-scale providers. Quality advisers will continue to be worth their weight in gold to members trying to navigate the murky retirement waters.
  2. diversifying retirement product mix: expect to see a comeback in insurance-based products including deferred annuities and insurance bonds. A mix of these products, along with an account-based pensions may become a more affordable and compelling proposition. Automated decision support tools will proliferate assisting members to determine their optimal product mix to achieve their desired retirement income and lifestyle.
  3. encouraging self-employment and entrepreneurship: a subtle aspect of the changes is how they benefit the self-employed by making it easier for them to contribute to super. At the same time, as the company tax rate falls to 25%, there may be incentives for the self-employed to restructure more income through their companies. Furthermore, high income earners will have to find other investment opportunities outside of superannuation such as equity crowdfunding and investing in small businesses. This prediction is slightly more far-fetched but I wonder if it will be an unintended consequence of Malcolm’s much-touted innovation economy.
  4. inter-generational poverty: in many ways, the wealth of current pre-retirees has been built on the twin pillars of home ownership and superannuation. This may be slightly controversial, but what if these super changes merely add to the growing body of thought that younger Australians are being affected by one of the worst examples of inter-generational poverty visited in history? As house prices continue to rise (perpetuated by negative gearing tax concessions that continue to be preserved by the latest budget), the likelihood of Millennials owning their own home decreases by the year. Combine this with the new objective of super and there is the potential for Millennials to have less tax-effective wealth accumulation opportunities than their predecessors. We could even see the emergence of a new advice specialty – overseas retirement planning – as Millennials with limited retirement incomes, but freed from the shackles of home ownership, set sail for fairer (and cheaper) shores.

You can read my series on ideas transforming Australia’s wealth in 2016 below:

Idea #1 – Goals-based investing

Idea #2 – Blockchain (Part 1, Part 2, Part 3)

Idea #3 – Roboadvice

Please note: this article is for general information and illustrative purposes only and should not be relied upon for any purpose. The accuracy of the information contained within cannot be guaranteed.  You should consult a financial adviser before making any personal financial decisions.