More than $250 billion wiped from funds and super sector
Total funds under management and advice in retail and wholesale markets decreased by 26.7 per cent to $708 billion in the year to December 2008 or by $257 billion, according to researcher Dexx&R.
It decreased by 12.6 per cent ($102 billion) during the December 2008 quarter, down from $810 billion as at September 2008.
The total retail market decreased by 23.7 per cent to $454.5 billion over the year to December 2008, down from $596 billion at December 2007.
With a drop of 11.3 per cent ($10.2 billion) in the December quarter, the retirement incomes market has started to show signs of nervous investors seeking redemptions, according to Dexx&r.
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The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
