subject: Wealth Management in Australia | Market Research Report On Aarkstore Enterprise [print this page] Wealth Management in Australia | Market Research Report On Aarkstore Enterprise
Introduction
Australia weathered the global financial crisis better than most countries but it was not immune to its effects. With billions of dollars having been erased from the portfolios of the affluent, banks will need to work hard to regain the trust and funds of these lucrative customers. This report explores the changes to both the competitive landscape of the wealth marekt and to its affluent clients.
Features and benefits
* Market sizing and forecasts of the onshore wealth population and assets from 2005 - 2014. All data is segmentated into 10 asset bands.* Regional segmentation of the onshore wealthy population.* Incorporates data from Datamonitors Australian Financial Services Survey conducted in 2010.* In-depth analysis of the competitor landscape, incorporating profiles of ANZ, Commonwealth Bank, NAB, Perpetual and Westpac.
Highlights
The market for HNW and mass affluent services will have grown considerably in 2010, and is estimated by Datamonitor to have mostly recovered from the Global Financial Crisis, which resulted in a decline in 2009. In terms of the total market, the wealthy are likely to have grown in number by approximately 14% in 2010.The distribution of wealth in Australia varies considerably, with the majority of wealth and wealthy individuals concentrated in the eastern states of New South Wales and Victoria. While it is unsurprising that the highest number of wealthy live in the most populated areas, these two states also contain the highest proportion of affluent consumers.
Your key questions answered
* How big is the addressable affluent market in Australia?* Which regional markets within Australia are most ripe for client acquisition?* What asset classes have become more attractive to the Australian wealthy since the global financial crisis?* Who are the major competitors in Australian wealth management?* What strategies are the major competitors using to target the afflunet market.
Table of Contents :
Executive Summary
The wealthy onshore population in Australia is expected to have rebounded quickly from the global financial crisis
The number of wealthy individuals in Australia has declined
The wealthy in Australia have adopted more conservative attitudes to investment due to the GFC
Players will need to rebuild trust in financial advice
Wealth is concentrated among the most populous states, but this may change
New South Wales and Victoria have the highest proportions of wealthy individuals
Rapid economic growth in more sparely populated regions will make a national network more valuable
Equities have had strong inflows from the wealthy
Leading local players generally rely upon an extensive retail banking presence
The Australian wealth management scene is led by local players from the retail banking market
The HNW advice market is presently only tapping into 27% of its potential client base
OVERVIEW
Catalyst
Summary
Methodology
MARKET OVERVIEW
Introduction
Economic context
The Australian economy has been one of the few bright spots among developed markets
Equities have bounced back and should lead to a strong rebound in wealth for 2010
The regulatory picture for wealth management has shifted, bringing opportunity and challenge
The Ripoll Inquiry resulted in regulations that will cause a fundamental shift in the business model for many wealth advisors
The wealth management sector will see additional funds under management from the Henry review
The onshore wealthy population in Australia
The number of wealthy individuals in Australia suffered considerably as a result of the GFC
The mass affluent population declined by approximately 400,000 individuals in 2009
The mass affluent at all wealth levels suffered declines in the value of their assets
The challenge for the market will be to rebuild trust in riskier and higher return products
The wealthy in Australia have adopted more conservative attitudes to investment
Players will need to rebuild the trust which has been damaged by negative returns and scandal
With HNWs and the mass affluent regaining their bearings, the market will grow
