The Quality of Advice Review proposals will by 2040 benefit 2 million retirees and boost retirement spending by billions.

Financial advisers have been reminded of the need to register with the Financial Services and Credit Panel before 1 July next year.

Advisers should ask clients to provide context for complex SMSF plans where they appear to be seeking approval for their actions.

The ability to charge a fee for their services will be a differentiating characteristic for financial planners in the newly proposed advice model.

The implementation of bold measures may be undertaken by the government in order to reduce administrative costs and make financial advice more affordable.