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Artificial Intelligence and the Future of Financial Advice in Australia: Opportunities, Challenges, and Strategic Implications
I. Executive Summary Artificial intelligence (AI) stands poised to revolutionize the Australian financial advice landscape, offering the potential for increased efficiency, personalized advice at scale, and enhanced client engagement. However, this transformation is not without its challenges. This article explores the opportunities and risks associated with AI adoption, emphasizing strategic imperatives for wealth management platforms,…
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How Much Is Really Enough? The Great Superannuation Challenge
Planning for retirement is a daunting task for many Australians. The question “How much is enough?” can feel overwhelming, especially when faced with uncertainty about longevity, expenses, and income sources. As a, I’ve worked with trustees of superannuation funds and financial advisers who grapple with these issues daily, and I’ve seen firsthand how the right…
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Fintech and the Superannuation Value Chain
Disruption, enhancements or just eating your lunch? There is increasing talk about the impact of fintech on the Australian superannuation industry. In some circles, fintech companies are regarded as disrupters, with speculation that innovative players and technology giants such as Facebook, Apple or Google could enter and dominate parts of the superannuation value chain, posing…
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Realising the preventative power of genetic information
Why the life insurance industry needs to rethink its approach to genetic testing. Should such genetic test information indicate the applicant has an increased risk of a disease or illness, insurance companies can and do use this information as the grounds for limiting cover through exclusions, reducing the term of the cover, charging higher premiums…
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The Australian wealth management industry – 2020 and beyond
Future proofing amid rapid technological change – which way now for platform providers In the next five years, social and technological trends are going to transform business practices globally and alter the Australian wealth management landscape. For platform providers, this represents a ‘sliding doors’ moment… Here’s why you should proactively prepare for the future, rather…
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Top social and technology changes impacting the SMSF sector
Introduction A number of years ago, Bill Gates presciently observed that: “Banking is essential, banks are not”. In the interim, we have seen the emergence and rising popularity of peer-to-peer lending, crowdfunding and new payment platforms, along with disrupters like Apple and PayPal, all pushing their way into the traditional banking domain. On the back…
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Top social and technology changes and their impact on the SMSF sector
Introduction A number of years ago, Bill Gates presciently observed that: “Banking is essential, banks are not”. In the interim, we have seen the emergence and rising popularity of peer-to-peer lending, crowdfunding and new payment platforms, along with disrupters like Apple and PayPal, all pushing their way into the traditional banking domain. On the back…
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Life Insurance 2020+ – Prepare to be disrupted
While life insurance companies are busy dealing with business as usual imperatives, game changing social and digital trends are unfolding that stand to turn the industry on its head. A number of key trends impacting the life insurance industry are here already, while others are just around the corner. Then there are the future trends…
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Technology and innovation: Priorities for the new era of superannuation
We conducted a poll of superannuation professionals at a recent conference in Melbourne, yielding some interesting results. We sought to ascertain the general sentiment in terms of business and technology priorities and what it will take to differentiate in this new era; post-GFC, post-SuperStream and post-MySuper – at the dawn of innovation. Reaching for the…
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Australian wealth management: What will be in 2014 and beyond?
2013 has been a busy but exciting year for the Australian wealth management industry. Thankfully though, the year has also marked the home stretch in terms of the recent spate of regulatory change; super funds are gradually getting their MySuper licences approved, the first part of SuperStream (rollovers) was implemented and the first Fee Disclosure…
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Recent Posts
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