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Morningstar responds to Australian Treasury’s framework for MyRetirement urging Government to address need for advice
SYDNEY, 23 June 2017 – Morningstar Australasia Pty Limited, a subsidiary of Morningstar, Inc. (NASDAQ: MORN), today announced that it has submitted its feedback and recommendations to the Australian Treasury on its framework for Comprehensive Income Products for Retirement (CIPR), more commonly known as MyRetirement. In its submission, Morningstar makes a strong case for an approach that goes beyond product to also empower Trustees to leverage data and technology to provide a digital advice component in the provision of retirement income solutions.

Anthony Serhan, Morningstar Managing Director, Research Strategy, Asia-Pacific, commented, “While we believe that the Government’s push to innovate in the retirement space is a step in the right direction, we also believe that the current framework is too product-centric and focuses too much on solutions using today’s tools. What we need is an outcome that provides a blueprint for the coming decades. The Government must look to address the need for flexibility that enables superannuation trustees to provide quality, yet cost-efficient financial advice.”

“As more and more Australians face retirement there is a social and economic responsibility for industry and regulation to evolve. Our recommended ‘best of breed’ approach to MyRetirement pairs digital advice – a low cost, individualised component driven by data and technology – with a mix of product options, ultimately empowering Trustees and retirees to better choose how retirement savings are allocated across products,” said Serhan.

“Our research shows that in the United States, where Morningstar has been successfully providing digital solutions to 401k participants for more than a decade, good financial planning decisions can materially increase retirement incomes. By investing in technology that improves the delivery and accessibility of advice to superannuation members and retirees, we can continue to enable everyday investors to win,” he said.

More information on the development of the framework for Comprehensive Income Products for Retirement can be found at https://consult.treasury.gov.au/


About Morningstar Australasia Pty Limited and Morningstar, Inc.
Morningstar Australasia Pty Limited is a subsidiary of Morningstar, Inc., a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisers, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than USD200 billion in assets under advisement and management as of March 31, 2017. The company has operations in 27 countries.

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