Opportunities for Aussie financial expertise lie in Asia Pacific
Australian financial services companies should embrace a regional mindset and become players in the Asia Pacific, according to life insurance veteran, Rob Macpherson.
Macpherson said the self-imposed absence and withdrawal by Australia’s leading financial institutions were lost opportunities with long-term ramifications.
He said instead of expanding overseas, the Australian industry “devoured itself”, leaving only the big four banks and AMP to remain.
“Not only did we lose long established groups like Colonial, Norwich, Scottish Amicable, Legal & General, T & G, Prudential, National Mutual, etc. – but in the consolidation process the ventures and operating licenses in Asia were jettisoned,” he said.
Looking to the future, Macpherson said there was still a place for Australian financial services expertise and know how in the Asia Pacific, particularly in “rising star” nations like Cambodia, Lao, Myanmar and Vietnam.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.