The world today is full of cycles. There are stock market highs and lows, periods of good and bad weather even apparent cycles of good luck and bad luck. We hear about certain kinds of cycles every day “The Dow is up”, “We’re having a warming trend”, “The economy is down”. But while we commonly apply this thinking to certain areas of our life, it’s less common to think this way when we consider business processes that have longer cycles and aren’t typically considered repeatable.
It is important to remember that wealth management is not an island but part of a wider ecosystem. In a world where consumers have become accustomed to highly personalised and efficient service facilitated through technology, they will expect nothing less from their wealth managers.
As we approach the end of the year, it’s time to take stock of the major ‘flavours’ of 2011 and assess the industry’s position for the year to come.
Perhaps the biggest theme of the past year was global market uncertainty. From a fintech perspective, this created renewed interest in technology solutions to deliver heightened cost and operational efficiency.
ASFA estimates there are around 14 million people in Australia holding superannuation accounts; however, there is more than double this number of accounts sitting with funds. The average ratio of accounts to people in Australia is over two to one. Measures are planned to auto-consolidate these accounts and reduce the number of lost accounts. These measures, forming part of the upcoming Stronger Super initiative are expected to reduce the total number of super accounts by between five and six million.
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