Wealth Management in Australia: Boom or Bust?

The financial services industry plays a vital role in Australia’s economy.

Boston, September 9, 2020 – Financial assets account for only about one-third of total household wealth in Australia; two-thirds are in nonfinancial assets. Financial advice is not yet incorporating the nonfinancial portion—crucial to the financial wellness of Australians. At least 10 million adults are underserved or not served at all. While the addressable asset pool is massive, the population is relatively sparse. Unique and lucrative opportunities exist for those wealth managers and planners who integrate nonfinancial assets into comprehensive financial wellness.

This report takes an in-depth view into various dynamics of the wealth management industry across Australia, providing an analysis of the distribution and asset allocation trends, the regulatory environment, client preferences, and the opportunities and threats affecting industry participants. It is based principally on 15 primary interviews with wealth management practitioners and technology vendors in Australia from March through June 2020.

This 49-page Impact Report contains six figures and 21 tables. Clients of Aite Group’s Wealth Management service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions 86 400, 8IP Emerging Companies Limited, Abu Dhabi Capital Group, AdviserLogic, Afterpay, Airtree Ventures, Airwallex, Alium Capital, AMB Capital Partners, ANZ Banking Group, Apex Capital, Apollo Global Management Inc., Arc Financial Solutions, Aspire Retire, Astute Wheel, Athena, Aurora Dividend Income Trust, Australian Capital Equity, Australian Mutual Provident Society, AustralianSuper, Avaloq, BBK Financial Planning, Benjamin Hornigold Ltd., BetaSmartz, Blackbird Ventures, BMGI and Cascade Investments, Brady & Associates Financial Advisors, Bravura, Brocktons Independent Advisory, Cascade Investments, CBG Capital Ltd., Centric, Century Australia, Citigroup, Clime Capital Ltd.,, Collection House, Collins House, Colonial First State, Commonwealth Bank of Australia, Commonwealth Private, Core Independent Financial Advice, Cover Genius, Creativemass, Credit Suisse, Crestone, Crystal Wealth Partners, Cuscal, CY Financial Advice, Daisee, DBS, dLab, DST Global, Eclipx Group Ltd., Equitise, Escala Partners, Fidor Solutions, Finastra, Finclear, FIRST-Super, FIS, Fiserv, FNZ, Focus Financial Partners, FundComb, GBST, GFM Wealth Advisory, Gina Rinehart, GROW Super, H2 Ventures, Henry Morgan Ltd., Herbert Smith Freehills, Horizon Advisory, Hostplus, HSBC, Hub24, Iconiq Capital, Ignition Advice, Infosys, ING, Integral Private Wealth, Investcloud, IOOF, IRESS, Jacaranda Financial Planning, JBWere, JC Flowers, John Bridgeman Ltd., JP Morgan, Jubilee Capital Management, Judo Bank, Keybridge Capital Ltd., KKR & Co Inc., Klarna, Knight Financial Advisors, Koda Capital, KPMG, Latipay, M Financial Planning, Macquarie Private Bank, Malibu Wealth Advisory, Mambu, Mastercard, Matrix Management Corp., McMillan Shakespeare Ltd., MEDIQ Financial Services, Mercantile Investment Company Ltd., Mercantile OFM Pty Ltd., Microsoft, MLC Limited, Morgan Stanley, Morningstar, MuleSoft, Myer Family Investments, NAB Private Wealth, National Australia Bank, Netwealth, Northern Trust, OneVue, OPTrust Private Markets Group, Overseas Chinese Banking Corporation, Partners Wealth Group, Periapt Advisory, Pitcher Partners Investment Services, PlanPlus Global, Point 72, Portland House Group, Powerwrap, Praemium, Providence Wealth Advisory Group, Quantum Financial, Quiet Growth, Rajah Blue Holdings, Reinventure, RESIMAC Group, REST Industry Super, Rice Warner, Rise Financial Pty Ltd., Rise Wealth Group, Robina Capital, Robina Financial Solutions, Rockefeller Capital Management, Roskow Independent Advisory, Rubik Financial, Salesforce, Sandon Capital Investments Ltd., Scentre Group, Scottish Pacific Group Ltd., Sempo, Sequoia China, Six Park, Slyp, SME Capital Investments III Pty Ltd. (PE), SOSV, Spitfire, Square Peg Capital, Startmate, Stellan Capital, Stephan Independent Advisory, Stockspot, Temenos, Tencent Holdings, Tuhua Fund, Vanguard, Viridian, Volt Bank, WAM Active Ltd., WAM Capital Ltd., WAM Leaders Ltd., Wealth Defender Equities Ltd., Wealth02, Westpac Banking Corporation, Whole Wealth, Xinja, Yellow Brick Road Holdings Ltd., and Zino Fund.

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