Full-service advice has in many ways become the preserve of high-net-worth clients, due to a constricting regulatory framework. Regulatory reform has seen super funds and banks investing heavily in digital transformation strategies to boost member and customer engagement and deliver more personalised advice. Will disruptive technology lead to a shift in consumer preferences towards technology-enabled solutions, particularly for the digitally-native generation? Or will it be taken on by wealth managers to improve client profiling, analysis, and insight, allowing advisers to focus on F2F time with clients, thus expanding the client base to the mass affluent? What does the future look like for the Australian wealth management industry, with $1.2 trillion in assets and projected $400 billion growth over the next five years?
Professional standards CPD: 0.33 Professionalism and ethics
ASIC RG146 CPD: 0.33 Specialist knowledge - Financial planning