After a year of turmoil, 2020 is looking more positive for Australia’s wealth management industry.

More respondents to this year’s annual outlook survey are more optimistic about the future than at any other time in the past five years.

Industry leaders reported that they see improved – or at least stable – business conditions, leading to the opportunity for innovation and growth, both in terms of assets and business.

Source: Super Recruiters December 2019

The survey found:

  • Almost two thirds of respondents (63%) expect 2020 to be a better year for the industry and their particular organisation. This was up on the previous year’s survey.
  • A quarter expect it to be similar to 2019 (26%). This is down from a third in the previous year’s survey.
  • Only one-in-twenty (5%) of respondents expect it to be worse than last year, down by half on the previous year’s survey.

This optimism is also despite the freeze in the increase of the superannuation guarantee levy. Most respondents support the lifting of the levy, though many believe it should be delayed further.

The survey found the biggest concern for leaders for 2020 is:

  • Increasing regulation (37%), 
  • Increased competition (23%), and  
  • Market downturn (21%).

Source: Super Recruiters December 2019

These concerns are adding to the rising pressure on our people. More than half of our people (53%) expected to feel more stressed next year.  Only one in 20 (5%) of respondents expect their people to be less stressed. Accordingly, people management and support will be a key for our business leaders.

Read the full report here.