Australia’s financial services ratings in flux
Australia's main financial services hub is struggling to keep up with its Asian counterparts, with its rating slipping compared to some of the region's emerging markets, a report shows.
Sydney, which dropped saw its global ranking drop from 15 in 2013 to 23rd in 2014, has most recently seen its Global Financial Centres Index fall eight points — the largest decline among the top 10 Asia-Pacific economies, according to the GFCI16 list of rankings.
However Sydney's ratings loss was Melbourne's gain, with the second most prominent Australian financial services hub gaining 11 points on the index and moving to seventh on the ladder.
The index is determined by a survey of more than 3000 investors and canvasses a number of factors including business environment, financial sector development, infrastructure, human capital and reputation.
The top five spots were held by Hong Kong, Singapore, Tokyo, Seoul and Shanghai, with Sydney marginally retaining its sixth place above Melbourne.
However, it came to reputation, Sydney's financial services offering was amongst the highest in the world, ranking above Hong Kong, New York and Tokyo.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
