25 March 2014: Wealth management remains key in research from professional services firm Deloitte as one of the top five of 25 sectors with the most potential to lift Australia’s growth trajectory over the next 20 years. Along with gas, agribusiness, international education and tourism, the wealth management sector is projected to be a ‘super-enabler’ helping to add an extra $250 billion to the national economy.
This third report in Deloitte’s Building the Lucky Country series - Positioning for prosperity? Catching the next wave, which focuses on business imperatives for a prosperous Australia, identifies an additional 19 pockets of growth to mining. “As long as we seize the opportunities,” warns Deloitte wealth management leader, Neil Brown. “We can add a further $150bn with these 19 growth pockets.
Among the domestic growth pockets identified by Deloitte, those associated with wealth management include retirement living and leisure, residential aged care, reskilling the ageing workforce, and health.
Commenting on the research Brown said: “Three billion people in Asia will join the middle class by 2030, and by 2050 the region will account for more than half the world’s financial assets.
Brown pointed out the opportunities for cross border investment will be better realised if the Johnston recommendations that have started are fully implemented in order to unwind some of the hurdles to Australia’s aspiration to be a significant financial services centre for the region.
“The wealth management industry is positioning to win a new round of customers,” Brown said.
Positioning for prosperity? Catching the next wave is the third edition of Deloitte’s Building the Lucky Country series, which focuses on business imperatives for a prosperous Australia. A version of the full report was debated by a group of business and political leaders in February 2014 and the March report reflects their feedback.
network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
professional services firms, and winner of both the Australian Financial Review/CFO Audit Firm of the Year and Accounting Firm of the Year awards 2013, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. Formore information, please visit Deloitte’s web site at www.deloitte.com.au.