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
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.
