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
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
