Opportunities for Aussie financial expertise lie in Asia Pacific
Australian financial services companies should embrace a regional mindset and become players in the Asia Pacific, according to life insurance veteran, Rob Macpherson.
Macpherson said the self-imposed absence and withdrawal by Australia’s leading financial institutions were lost opportunities with long-term ramifications.
He said instead of expanding overseas, the Australian industry “devoured itself”, leaving only the big four banks and AMP to remain.
“Not only did we lose long established groups like Colonial, Norwich, Scottish Amicable, Legal & General, T & G, Prudential, National Mutual, etc. – but in the consolidation process the ventures and operating licenses in Asia were jettisoned,” he said.
Looking to the future, Macpherson said there was still a place for Australian financial services expertise and know how in the Asia Pacific, particularly in “rising star” nations like Cambodia, Lao, Myanmar and Vietnam.
AUTHOR
Anastasia Santoreneos
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
