澳大利亚财富管理方法的再思考

CONTENTSExecutive Summary1. State of the Nation: Shifting Sands Across the Wealth Landscape21.1. Unmet needs create contestable wealth1.2. Wealth ecosystem players cannot continue as they are1.2.1. Financial Advisers: A new era of independence1.2.2. Platforms: Under significant pressure with consolidation afoot1.2.3. Superannuation: The low-engaged time bomb1.2.3. Retail banks: Back to the future1.2.4. Life Insurers: Providing protection over progress1.2.5. Asset managers: In the eye of the storm2. Rethink The Approach to Customer Segmentation3. Reimagine Offerings3.1. Uplifting basic financial literacy3.2. Make the experience frictionless3.3. Ensure propositions are tailored to evolving needs3.4. Collaborate to expand your reach4. Build New Capabilities5. Pathway to Get Started 27889910111216161720262830 © Oliver WymanEXECUTIVE SUMMARYThe term wealth management has historically had connotations of growing, preserving, andprotecting the wealth of the elite. Equally, in Australia, wealth management has typically onlyincluded a narrow set of the financial services sub-sectors, namely advisers, platforms, andsuperannuation funds. These are the tenets of a sector that needs to beredefined.Australian consumers are out of touch with their finances, with many struggling to addressbasic needs such as budgeting and cash flow management. COVID-19 to some degreeexposed this, with a total of $35 billion released in early access from superannuation toassist with basic household expenses.The future of wealth needs a broader set of firms to work collaboratively to promotea greater working relationship for consumers with their finances. In addition to thosementioned, banks, life insurers, and asset managers will be critical to providing thebroad range of outcomes that consumers seek in managing their finances, includingfinancialwellbeing.In this paper, we outline a new way forward defining an expanded sector that will addressthe broader financial well-being of Australians. We propose thefollowing:•After facing headwinds for a long period of time, the Australian wealth managementsector is poised for a period of growth comprised primarily of new pools ofcontestable wealth.•Today’s wealth-based customer segmentation models and needs analysis are obsolete.Consumer needs have evolved beyond traditional definition. Consumers need supportwith four core financial needs — spend, grow, borrow, and safeguard — that combineddefine the perimeter of financialwell-being.•Wealth propositions need to be reimagined at the most fundamental level and assistwith uplifting basic financial literacy. They need to retain relevance across a consumers’lifetime, from their first financial services product through to retirement, and enablethem to course-correct where needed through that financialjourney.•No one firm has the brand, products, or capabilities to serve all four core needs.Therefore, greater collaboration is needed to provide a holistic suite of wealth solutionsfor consumers.This has two critical implications for the broad set of firms operating in thisspace:•It will require investments in complementary capabilities, including but notlimited to timely behavioral insight generation, digital/hybrid advice models,advanced data engineering, multilateral strategic partnerships, and contemporarytechnology architecture.•Both existing and new capabilities will need to be organized in customer centric, growth-oriented ways, to respond more consistently and rapidly to customer and partner needs.In this paper, we expand on the above and set out the actionable next steps we believe arerequired to set the sector on this path. © Oliver Wyman1. STATE OF THE NATION:SHIFTING SANDS ACROSS THEWEALTH LANDSCAPE1.1. UNMET NEEDS CREATE CONTESTABLE WEALTHSince our prior publication, The Future of Financial Advice, we have revised the size ofthe Australian wealth management market at $1.2 trillion of assets under management(excluding superannuation). Through the pandemic and into 2023, the market grewmodestly at about 3%, largely driven by modest stock market performance, rebound of assetvalues, and large savings deposits (which recently have regressed slightly due to cost-of-living pressures). We estimate that contestable funds under management (FUM) will increaseby $400 billion over the next five years, presenting a significant growth opportunity for allfirms in the wealthspace.Exhibit 1: Size of wealth management market in AustraliaFY17A-FY23A, A$ billion20182023MarketreturnsLess likely serviceable FUMIntergenerationalwealth growthGrowth inless likelyserviceable FUMOrphanedwealth growth3484774887317122341,22340356876175+7%Serviceable FUMOrphaned wealthIntergenerational wealth56Source: ABS Household Wealth data, GlobalData and Oliver Wyman analysis 20281,65743874080398 © Oliver WymanDespite this around 75% of consumers who hold this wealth are unserved by currentwealth management offerings. Significant value can be achieved by addressing this gap.Additional