Uncertainty still impacting wealth
While the full-year results of a number of the major banks have indicated a solid contribution from their wealth divisions, a new report from major consultancy Ernst & Young suggests uncertainty remains a key issue.
The Ernst & Young Banking Agenda, released this week, makes direct reference to market confidence and investor appetite in the wealth equation.
"Wealth operations are still subject to market confidence and investors' appetite remains cautious, particularly given significant structural changes occurring in the superannuation and financial advice arena," it said.
Looking generally at the conditions confronting the major banks, the report referred to "a background of pessimism still permeating markets, businesses, consumers and investors globally".
Discussing the future for the major banks, the report suggested that in the short term they would continue to improve productivity, complete infrastructure and technology projects and manage their cost bases.
"In our view, in the quest for medium to long term growth, banks would benefit from strategic alliances with application developers, digital media and other organisations with strong and growing customer reach," the report said.
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