Wealth management chief executives have called for certainty regarding the proposed Future of Financial Advice changes, according to the 2011 Financial Services Council (FSC) CEO Report.
The survey, commissioned by the FSC and written by PricewaterhouseCoopers(PwC), asked 31 CEOs of Australia’s leading wealth management companies what concerned them most about the proposed regulatory changes.
“As the largest industry in the Australian economy, we need to get on with what we do, which is generating wealth for – and managing the savings of – all Australians and protecting their incomes and lives.”
“CEOs are aware of the enormous trust placed in them to manage the retirement savings of Australians,” said Wilson.
“They are responding by improving their focus on their client service and working to deliver the right outcomes for their stakeholders.”
Wilson said the longevity risks posed by Australia’s ageing population presented immediate challenges for the industry.
“The industry understands there is not a single solution and will implement a range of measures, including developing longevity products, working to lift the superannuation guarantee to 12 per cent and providing more incentives for people to save for their retirement,” Wilson said.
The report also found eight out of 10 CEOs supported the development of an ‘Asia Region Funds Passport’ to improve access to regional capital.
Brogden said Australian superannuation funds and investors would benefit significantly from accessing a wider range of investment opportunities in Asia.
