Leveraging technology to reshape Australia’s financial advisory sector in the wake of the Royal Commission
In Australia’s shift to a fairer, customer-friendly ecosystem, the government and finance professionals must endeavor to rebuild trust and maintain integrity while making technology the backbone of the industry.
Australia’s financial services sector is in a state of introspection and reinvention after a major public inquiry into the country’s banking practices exposed a culture of widespread misconduct and deception. The Royal Commission’s review was urgent and necessary to create a fair and ethical industry that will ultimately benefit the Australian population.
Although no segment of the country’s financial industry was spared from scrutiny, perhaps the fiercest spotlight was shone on the behaviour of wealth managers and advisers.
In our latest report, we put a spotlight on Australia’s wealth sector in the wake of the Royal Commission. By reading this report learn:
- how the government’s attempts to remove incompetent or dishonest practitioners will fundamentally alter the entire advisory landscape.
- about the ‘financial advice gap’ that will potentially be created if the recommendations from the Royal Commission are implemented.
- how the investment in technological innovations will streamline workflows and lower costs significantly preventing such a ‘financial advice gap’.
- why the government and finance professionals must endeavor to enhance financial literacy, rebuild trust and maintain integrity while making technology the backbone of the industry.
In post-Royal Commission Australia, where people might be reluctant to pay steep fees because they have smaller sums to invest, advanced digital capabilities will make financial advice a more affordable and attractive proposition. It is a vital step to ensuring millions do not slip through the net when it comes to boosting savings and retirement funds.Eric Mellor, Wealth Management Specialist, APAC, Temenos