Regulation, increasing competition, and market downturn are the issues wealth managers are expecting for 2020, according to a Super Recruiters survey.
The survey found that 37% of wealth managers were concerned about increasing regulation, 23% for increased competition, and 21% for a market downturn. For employees, 53% expected to feel more stressed next year.
Source: Super Recruiters
However, managers still expected to see improved, or at least stable, business conditions, which would lead to more opportunities for innovation and growth, both in terms of assets and business, according to Super Recruiter’s partner Matthew Coleman.
The survey also found that 63% of respondents expected 2020 to be a better year for the industry and their organisation, which was an increase from the year before. Another 26% expected it to be similar to 2019, and 5% expected it to be worse than last year.
“More respondents to this year’s annual outlook survey are more optimistic about the future than at any other time in the past five years,” Coleman said.
“This optimism is also despite the freeze in the increase of the superannuation guarantee levy. Most respondents support the lifting of the levy, though many believe it should be delayed further.”