General advice warning:
The information and any advice provided in this update has been prepared without taking into account your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to those things. Past performance is not a reliable indicator of future performance.
RFS Retirement Toolkit 2025
Retirement in Australia is evolving. With Australians living longer than ever, today’s retirees face a mix of opportunities and challenges. I wanted to find a Retirement toolkit. What I found was a heap of product selling and self-servicing offerings but nothing that was broad in nature of key areas to look into.
So, we set about researching and developing one that people can access. Retirees need financial security amid rising living costs, access to quality health care, a safe and comfortable home, and ways to stay socially connected and purposeful.
This toolkit is designed to help those in or near retirement to navigate these key areas, providing guidance and practical tips. These are the types of daily conversations we have at RFS Advice with our clients to help them throughout their retirement journey. Financial planning support is about so much more than superannuation. We wish to help our RFS family of clients through their journey and know our technical capabilities matched with our real-world understanding puts clients in a better place.
The Retiree toolkit has been designed to reflect our conversations and includes the following topics:
- Financial Planning and Security
- Health and Well-being
- Housing and Living Arrangements
- Legal and Administrative Essentials
- Social Life and Purpose
- Happiness and Lifestyle Mindset
- Technology and Safety
- Home Care and Aged Care
- Creating a Legacy and Passing Down Family Wealth
- Philanthropic or Charity Work Travel and Adventure
In today’s show we will be looking at the highlighted topic – Technology and Safety.
Remember the full eBook is available by contacting www.rfsadvice.com and asking for a copy or there is a podcast on each topic dropping soon so watch this space.
We are also pleased to announce we will be holding a seminar with 4CRB looking at the Retirement Toolkit we have developed. During this seminar we will look at:
- The key areas all retirees and pre-retirees should be thinking about and we’re not just talking about their finances.
- A market update.
Although our clients would be familiar with the content, we encourage people to attend. If you would like to register, please phone our office on (07) 5575 7689. Details as follows:
Tuesday, 26th of August 10am
HOTA, 135 Bundall Road, BUNDALL
Australian Retirement Toolkit 2025
Retirement in Australia is evolving. With Australians living longer than ever, today’s retirees face a dynamic mix of opportunities and challenges. They need financial security amid rising living costs, access to quality health care, a safe and comfortable home, and ways to stay socially connected and purposeful. This toolkit is designed to help Australian retirees (and those nearing retirement) navigate these key areas, providing guidance and practical tips to enhance their retirement years. From managing money matters to embracing a fulfilling lifestyle, each section of the toolkit addresses a core need – helping you transition into or enrich your retirement with confidence and peace of mind.
Today we will be looking into Technology and Safety, but before we move into this today, we have had a lot of listeners asking questions with the rise of investment scams at the moment making headlines so will start off with some key tips around what to look for when choosing a financial planner.
What to look for when choosing a financial adviser
Financial Adviser Checks
Firstly, you should check whether the adviser is authorised to provide personal financial advice. How do you do that?
The Australian Securities and Investments Commission (ASIC) is the government body that regulates financial advice in Australia. They regulate financial advisers under the Corporations Act and operate as the single disciplinary body for all financial advisers who provide personal advice to retail clients on relevant products All advisers must be registered on the Financial Advisers Register which is maintained by ASIC and can be located here:
https://moneysmart.gov.au/financial-advice/financial-advisers-register
ASIC Financial Advisers Register (FAR)
You can complete a free search here and this register provides useful information around how long the adviser has been licensed for, what they are authorised to provide advice on, their education and whether there has been any disciplinary action against them.
It will also provide details of who they are licensed through. The financial planner must be authorised under an Australian Financial Services licence (AFSL) to provide personal financial advice on financial products. This authorisation ensures they are legally permitted to offer financial advice.
Additional Checks
ASIC Banned or Disqualified Register
Using ASIC’s Banned or Disqualified Register will also help to ensure the adviser hasn’t been banned or disqualified in the past. You can find further details about this register here:
ASFL Check
You can also find out further information about your financial adviser through their AFSL holder. Generally, most AFS licensees will have a website where you can find their contact details and speak to a representative around any questions you may have about your adviser. You should also read the AFSL’s Financial Services Guide (FSG). The FSG is a document to help you decide whether to use their services. It includes:
- Who they are and how to contact them
- What services they offer and what products they can advise on
- How they get paid, including fees and commissions
- Any conflicts of interest
- How to make a complaint and what to do if you’re not satisfied
Professional Memberships
A further check you can complete is by contacting a membership body such as the Financial Advice Association of Australia (FAAA) as to whether the adviser is a member. These memberships indicate that the adviser adheres to high professional standards and ethical guidelines.
From these initial checks, you should be able to obtain a good understanding of their employment history and the types of financial products they can advise on (e.g., superannuation, investments, life insurance) as financial advisers are not always accredited to provide advice on all areas.
Qualifications, Education and Training
The second check that you should complete it to understand what the advisers’ qualifications, education and training is. Your adviser can provide you with this information but what you need to consider is the following:
- Educational Qualifications: Your financial planner should have completed an approved qualification at a bachelor level (or equivalent) in a relevant field such as finance, economics, accounting. This could include a graduate diploma, master’s degree, or an equivalent qualification.
- Financial Adviser Exam: They should have passed the financial adviser exam, which is a requirement set by ASIC.
- Professional Year: From 1 January 2019, all new advisers in Australia must have completed a professional year of supervised experience. This includes at least 1,600 hours of work and 100 hours of structured training.
- Experienced Provider Pathway: Advisers with substantial prior experience (before 2019) may qualify under the Experienced Provider Pathway, allowing them to meet standards without redoing formal education, provided they meet certain criteria
- Continuing Professional Development (CPD): All advisers must complete CPD annually to stay current with industry changes and maintain their registration. This is a minimum of 40 hours per year and the ASIC FAR will show you whether your adviser has not complied with this obligation. By completing CPD each year it helps to ensure that advisers are staying updated with the latest industry standards and regulations.
Once you have gathered all the relevant information you are then able to make an informed decision about the prospective financial adviser. We would also suggest that you complete due diligence on more than one adviser to ensure that you find someone that is the right fit for you.
Knowing you’ve done your homework into an adviser before you proceed with any advice will give you confidence in your adviser and the advice you receive—especially for long-term decisions like retirement planning or investing.
What to be aware of when investing into products
As we know, investing in products can be a great way to grow your wealth, but it’s important to be cautious to avoid being scammed, especially by cold callers. Here are some key points to be aware of:
- Be sceptical of unsolicited offers, especially those that come via phone, text, or social media.
- Take relevant steps as we’ve just outlined to verify that the adviser is licensed through an AFSL and registered with ASIC.
- Watch for red flags such as promises of “guaranteed” returns, secret opportunities, or high pressure to act quickly.
- Research before sending money. Search online for the company’s name plus “scam” or “complaint”.
- Never share personal information or money right away. Don’t provide your personal details, tax file number, bank info, or make payments without thorough research.
- Trust your instincts. If something feels off or you feel pressured, walk away.
Scammers are very good at what they do and they are becoming more advanced and smarter every day with how they portray that they are legitimate.
The caller will seemingly have your best interests at heart and may also involve referrals to financial adviser during the call to create a sense of comfort and legitimacy, so you need to be wary.
If you do have a legitimate salesperson trying to sell you a particular product, there are things to consider to determine the salespersons connection to that product and whether they are just driven by potential commission that they will receive. Some warning signs to look out for are:
- High pressure sales tactics
- Cold calls
- The touting of free superannuation “health checks” and prizes (often via social media advertisements or websites)
- Offers to find and consolidate “lost super” for free
- The involvement of unlicenced people in the advice process
- Predominant engagement over the phone with limited client contact with an actual financial adviser
- Poor or no product disclosure
- Promises of high or unrealistic returns
Investment Product Considerations
- Investments that can limit withdrawals. These are traditionally within investments like property funds and mortgage funds. Research carefully how often these funds permit withdrawals, the amounts and whether there is the possibility that funds can get locked and not permit future withdrawals. If you are relying on income withdrawals or regular payments in retirement, these types of investments may not be appropriate for you without having a good understanding of the liquidity options.
- Those investment funds that aren’t valued frequently. These are investment such as private equity funds or some industry superannuation funds holding large percentages in illiquid assets. We found this article from Choice that provides more information and explanation about the disadvantages of this: https://www.choice.com.au/money/financial-planning-and-investing/superannuation/articles/unlisted-assets
- Investments that sound safe, but are taking on more risk than being rewarded. Mortgage funds can be investments that are backed by solicitors or private lenders whose borrowers are limited in the more traditional lending market. A good reference point for more information about mortgage funds is the ASIC Moneysmart website: https://static.moneysmart.gov.au/files/publications/investing-in-mortgage-schemes.pdf
- Artificial or engineered products. These investments replicate or attempt to replicate the cash flows associated with owning an asset, such as a security, a basket of securities, an index, or other financial instruments. An investment is considered synthetic when there is no actual ownership of the underlying asset. Essentially, it refers to anything that cannot be easily valued or understood.
- Fees within an investment product are important. All investments will have investment fees so when you are considering where to invest, you should consider:
- What are the fees you can see when looking at your portfolio performance?
- What are the fees behind the scenes that investment products charge that are net of your investment returns?
- Are there any performance fees?
- Are there exit fees?
- What are the transaction costs and are there any contribution fees?
- Are the fees clearly disclosed in the funds Product Disclosure Statement?
Investment Product Considerations
As you can see there are many factors that need to be considered when selecting an investment product that is appropriate for you and will meet your specific needs.
Following is an overview of RFS’s approach as to how we build an investment portfolio for a client.
1. Professional, Large-Scale Investment Managers Only
2. Liquidity is Non-Negotiable
3. Simplicity and Focus
4. The Four Pillars Approach
Australian and international shares are guided by our disciplined four-pillar framework:
- Diversification – across asset types, geographies, and styles
- Liquidity – always ensuring access to funds
- Risk Management – actively monitored and stress-tested
- Transparency – so clients always know what they own
5. Independent Oversight and Governance
We don’t just rely on internal expertise—we deliberately engage:
- An independent Trustee to ensure client-first governance
- An independent Asset Consultant to challenge and validate our models
- An independent Research House to provide unbiased insights
6. We Control the Asset Allocation
Technology and Safety
Key Steps:
- Improve Your Digital Skills (One Step at a Time): Identify what tech skills would benefit you and start there. For instance, if you’ve never used the internet much, perhaps begin with learning how to email or use WhatsApp to message family. If you’re already emailing, maybe learn online shopping or how to use government services on MyGov. The Be Connected website (by the eSafety Commissioner) has excellent free tutorials for older adults on topics from the very basics (how to turn on a computer) to specific tasks (like using Facebook or avoiding scams). Libraries and community centres often run digital literacy classes for seniors – these can be friendly, low-pressure ways to learn in person. Remember, you don’t have to become a tech wizard overnight; just focus on the tools that align with your interests (e.g., learn YouTube if you love watching cooking videos, or learn Zoom if you want to video chat with friends).
- Secure Your Devices: Whether it’s a smartphone, tablet, or computer, take steps to secure it. Use strong, unique passwords for important accounts (bank, email, MyGov) – a password manager app can help you store them safely so you don’t have to remember them all. Keep your device software updated (those updates often patch security issues). Install reputable anti-virus/security software on computers. On your home internet, ensure you have a Wi-Fi password set (don’t use an unsecured network). If all this sounds complex, ask a tech-savvy friend or hire a professional for an hour to do a “security setup” on your devices – it’s worth it.
- Learn to Spot Scams and Fraud: Educate yourself on common scam tactics. Scammers may call pretending to be from Telstra or the tax office or send emails/texts that look like your bank or Australia Post asking you to click a link. Rule of thumb: Never give personal or financial information in response to an unsolicited call or email. Banks and government agencies will never ask for passwords or bank details via email or phone out of the blue. If in doubt, hang up and call the company back on their official number. Be cautious of any communication that creates a sense of urgency or fear (e.g., “Your account will be closed if you don’t act now!”) – this is a red flag. Also be wary of online offers that sound too good to be true (cheap miracle cures, high-return investments). When using social media or online dating, be mindful of scammers who create fake profiles to befriend people and then ask for money (romance scams). It’s unfortunate we must think about these things, but a little healthy scepticism goes a long way.
- Utilise Technology for Convenience: Once you’re comfortable, tech can make many tasks easier, especially if mobility or distance is an issue. You can do grocery shopping online and have it delivered to your door. Telehealth allows you to have a GP or specialist appointment via video call from home (very handy, and Medicare covers many telehealth consults for seniors). Banking apps mean you can transfer money or pay bills without lining up at the bank. If you have mobility issues, consider voice-activated assistants (like Google Home or Alexa) – you can ask for the news, weather, or to play music, all without getting up. Explore health and safety tech like wearable devices (a Fitbit or Apple Watch to track your heart rate and steps or even detect falls in some models). These tools can support independent living.
- Stay Social with Tech: Use technology as a supplement to real-life interactions, not a replacement. Social media platforms like Facebook can help you reconnect with old friends or follow community news. Video chat lets you see distant family members regularly – many grandchildren are pros at FaceTime or Teams, so let them guide you. There are also special interest forums and Facebook Groups for almost any hobby (from caravan enthusiasts to knitting circles) where you can exchange ideas with others. During times you can’t get out (say you’re unwell or as we experienced during COVID lockdowns), these online communities can be a real lifeline against loneliness. Just remember to adjust privacy settings on social accounts so you’re sharing posts only with people you intend to.
Top 5 Tips:
- Use Two-Factor Authentication: For important accounts like online banking or MyGov, enable two-factor authentication (2FA). This means when you login, you’ll get a code via SMS or an app to verify it’s you. It adds an extra layer of security so even if someone guesses your password, they can’t get in without that code. It might sound complicated but it’s usually a matter of ticking a setting – your bank’s website or a helper at the branch can assist in setting it up.
- Back Up Your Data: Take the time to back up precious data like photos and documents. You can use an external hard drive or a cloud service (such as Google Drive or iCloud). This protects you in case your device fails or is lost. For instance, if you have a smartphone, turn on the cloud backup for photos – so all those snaps of grandkids are safely saved even if you drop the phone. Many people have sadly lost all their photos or important files because they never backed up – don’t let that be you.
- Keep Personal Info Private: Be careful about what personal details you share in the digital world. Avoid posting things like your full address, birthdate, or financial info on social media. Be mindful on public forums not to overshare. Scammers can piece together info. Also shred old documents that have sensitive info rather than just binning them – this is an offline tip but related to identity safety.
- Take Advantage of Senior-Specific Tech Help: There are programs specifically aimed at helping seniors with tech. The Australian Government’s Be Connected network has local partners (libraries, community centres) where you can get one-on-one coaching. Some councils have “tech savvy senior” programs, occasionally run in partnership with Telstra or Optus, to teach things like smartphone use. Don’t be shy to use these – they’re usually free and very patient. Also, younger family members might be thrilled to teach you (role reversal!). Consider doing a “tech trade”: your grandkid teaches you how to use Instagram, you teach them how to bake Grandma’s famous scones. Both win!
- Establish Trustworthy Tech Sources: Have go-to people or sources for tech advice. For example, if you’re thinking of buying a new device, ask a knowledgeable friend or read Choice magazine’s reviews rather than relying on a random salesperson. If your computer acts up, have a trusted repair service or relative to call. Having support lined up removes the fear of “what if something goes wrong?”. Also bookmark safe websites for health info (like Healthdirect or My Aged Care) and financial info (Moneysmart) so you’re not misled by dubious sites. Using reputable sources online is part of being tech-savvy and safe.
