QANTAS pays women 37% less, Telstra and BHP 20%. Fifty years after...
Men continue to outstrip women in the salary stakes, with men’s median annual salary $11,542 greater than women’s,...
READ MORE
The use of independent advisers and independent advisory firms in Australia is expected to rocket over the next three years, according to EY research.
The rise in the use of independent advisers and independent advisory firms in Australia is forecast to rise by 73 per cent and 93 per cent, respectively, according to the EY 2019 Global Wealth Research report.
This is in line with global trends, however the percentage change expected in Australia is significantly higher than in other regions, EY revealed.
While this significant swing towards independence suggests the flexibility in solutions and fees being offered is becoming more attractive to clients, EY judged that it may also be reflective of the public and regulatory scrutiny of the wider sector in the wake of the royal commission.
The percentage of Australian respondents expecting to use fintechs for their wealth management needs is also expected to increase, by 53 per cent in the next three years – significantly higher than the expected increases in Asia-Pacific (22 per cent) and globally (19 per cent).
“Although these new entrants have relatively low levels of assets under management (AUM) at present, the research shows that the number of respondents using fintechs is on par with those using long-established wealth institutions,” EY said.
The EY research also shows that digital channels are evolving faster than wealth managers and their clients anticipated three years ago.
More than half (60 per cent) of clients across Australia say 24/7, any device, anywhere digital access is the most important element when interacting on digital channels with their wealth manager, according to the accountancy firm’s research.
Moreover, when it comes to emerging technology, although only 2 per cent of respondents in Australia prefer digital and voice-enabled assistants as a primary channel today, EY disclosed that 20 per cent admitted they would prefer this channel in the future.
According to the firm, this future demand for digital assistants is greatest for receiving financial advice (32 per cent), an area where advisers today are expected to provide greatest value to clients.