Super to break through $1.5 trillion in five years
The Australian superannuation market has been forecast to grow by 8 per cent a year over the next five years to reach $1,583 billion in mid-2014.
That is the bottom line assessment of actuarial research house Rice Warner, which also predicted that the average member account balance, which currently stands at $62,600, would grow to $78,000 by 2014.
The data also predicted that while corporate funds would decline substantially by 2014, this would be countered by growth in all other sectors, with the commercial sector and industry funds leading the way.
Self-managed superannuation funds are predicted to continue growing in terms of assets, but to decline in terms of market share from a current level of 30.9 per cent to 26.3 per cent.
AUTHOR
Mike Taylor
Recommended for you
AFCA has revealed to Money Management the number of Dixon Advisory complaints it has closed so far out of the more than 2,700 total complaints received.
The Financial Advice Association Australia is launching a new brand awareness campaign that includes promoting the advice profession as an attractive option for career changers.
Half of financial advisers and wealth managers in Asia-Pacific plan to increase their clients’ exposure to private equity and multiprivate asset solutions, according to a survey by Schroders.
The former Iress chief executive has joined an NSW advice firm, Profile Financial Services, as an independent non-executive director.
