3 Industry Updates for Wealth Management Professionals
The condition of Australia’s wealth management industry is in a constant state of flux. With ongoing changes occurring daily, it’s hard to stay on track with the rising challenges and steps being taken to ensure its sustained success. From gender parity, tax proposals, and a diminishing supply of financial advisors, we’ve provided you with a…
By Fuse Recruitment
Wealth Management • April 28, 2023
The condition of Australia’s wealth management industry is in a constant state of flux. With ongoing changes occurring daily, it’s hard to stay on track with the rising challenges and steps being taken to ensure its sustained success.
From gender parity, tax proposals, and a diminishing supply of financial advisors, we’ve provided you with a snapshot of some recent wealth management industry news that has been making headlines.
Keep reading to find out more.
Gender parity key to a stronger Australian mortgage broking industry – Nicole Tosev, The Adviser
Despite celebrating International Women’s Day for almost a century in Australia, gender inequality still persists in the mortgage industry. Only about a quarter of mortgage brokers are female, and this number has decreased in recent years.
However, having more women in the industry can lead to business success. A diverse workforce can lead to improved innovation, collaboration, and customer satisfaction. Additionally, it will allow for increased access to a wider range of perspectives and experiences that can lead to improved processes, solutions, and overall business success.
Ultimately, achieving gender parity is crucial to creating an inclusive workplace that benefits all participants and customers.
Read more here
How can the $3m super tax proposals be improved? – Laura Dew, Money Management
Financial services associations have submitted suggestions to the Treasury’s Better Targeted Superannuation Concessions consultation paper. The Financial Services Council has recommended indexing the $3m threshold so it retains its real value over time.
The SMSF Association believes the policy discriminates against self-managed superannuation funds and has suggested a default notional earnings rate should apply.
The Institute of Financial Professionals Australia suggested the extra 15% should be applied to actual taxable income. The IFPA also recommended changes such as enabling individuals to receive a refund of tax previously paid if their balance reduced below $3m in a subsequent year.
Read more here
Can Australia restock its supply of financial advisers? – Alexandra Vanags, Money Management
The dwindling number of financial advisers in Australia is a major concern, with adviser numbers dropping by 38% between 2019 and 2022. Matt Rady, CEO of BT Financial Group, believes that Australia can attract new blood to the profession by demonstrating the value of financial advice to society.
Rady suggests that continuing the professionalisation of advice and opening up pathways to the profession are key factors in attracting new advisers.
The proposed relaxation of qualifying degrees for entrants is seen as a positive move. However, there is a need to raise awareness of the financial advice profession to attract young university entrants.
Read more here
If you’re interested in learning about hiring conditions in the industry, reach out to our wealth management experts through the form on this page.
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