Australian investment managers are juggling increased competition, regulatory pressures and driving structural and technology transformation agendas to optimise their businesses.
We are seeing an increasing trend of organisations moving towards a more customer centric operating model to increase their share of the retirement segment via retention drivers and targeted customer segments aligned to their distribution channels and businesses.
This report identifies four key areas – structural market change, data and reporting, risk governance and conduct, culture and remuneration, where regulation, combined with other pressures, is already forcing asset managers to make significant changes.
- Funds passporting has been a key area of focus for many regulators, governments and key industry players in the ASPAC region. It provides Australian fund managers access to a larger regional market and for investors, greater product choice and exposure to Australian fund manager expertise.
- Future of Financial Advice reforms has resulted in the unbundling of product and advice fees, changes to remuneration/fee structures and significant improvement of advice processes, quality standards and governance models.
- Superannuation and Self Managed Superannuation Funds are attracting increased focus from regulators and investors seeking greater control of their investments and taxation.
- The financial systems inquiry presents an opportunity to examine and improve on the regulatory architecture and make further enhancements to improve a broadly sound financial system.