Australia Wealth Management – Market Sizing and Opportunities to 2027

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Australia Wealth Management Market Overview

Affluent individuals (including HNW individuals and mass affluents) collectively held the vast majority of onshore liquid assets, highlighting the country’s high level of wealth imbalance. The equities market recorded significant volatility resulting in a decline. The following are some of the key highlights of the Australia Wealth Management market:

  • In 2022, mass affluent investors held the highest proportion of their non-superannuation wealth in equities.
  • Independent financial advisors were the preferred investment channel across all affluent classes in 2022.
  • Inflationary pressures and supply chain disruptions across 2022 and 2023 translated into more depressed financial markets, thus impacting investor sentiment.
  • Deposits retained the bulk of household financial wealth and their share of liquid assets increased in 2022 among all other asset balances.

The Australia Wealth Management market research report will help to keep up to date with the Australian wealth management industry, looking at investors’ asset allocation by affluence bandings as well as a detailed picture of where HNWs distribute their investments. It will also assist in understanding offshore investment drivers for the mass affluent, emerging affluent, mass market, and HNW individuals.

Key Investment Preferences ·       Advisory Mandates

·        Discretionary Mandates

·        Execution-only Mandates

·        Robo-advisor Service

·        Others

Key Investment Channels ·        Advisors at Investors’ Main Banks

·        Advisors at Other Banks

·        Investment Platforms at Main Banks and Other Banks

·        Independent Financial Advisors (IFAS)

·        Investment Management Companies

·        Pension Companies

·        Robo-Advisors

Key Reasons for Holding Wealth Offshore ·        Better Returns

·        Better Investment Product Range Abroad

·        Tax Efficiency

Key Asset Allocation Classes ·       Deposits

·       Mutual funds

·       Equities

·       Bonds

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Australia Wealth Management Market Dynamics

In 2022, HNW investors felt the effects of the financial crisis in Australia more compared to other investor segments due to their affinity towards riskier assets such as equities. Therefore, the wealth of affluent investors invested in liquid assets increased in 2022. The weak financial growth in 2023 led to slow growth in the wealth of affluent investors in the country.

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Australia Wealth Management Market - Investment Preferences

The key investment preferences in the Australian wealth management market are advisory mandates, discretionary mandates, execution-only mandates, and taking aid of the robo-advisor service, among others. In Australia, discretionary mandates accounted for the majority share of the total managed wealth of an average Australian HNW investor in 2022. Previously investors preferred to have influence over their investment choices but now, they are increasingly seeing the appeal in handing over their investment decisions to experts.

Australia Wealth Management Market Analysis by Investment Preferences, 2022 (%)

Australia Wealth Management Market Analysis by Investment Preferences, 2022 (%)

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Australia Wealth Management Market - Investment Channels

A few of the key investment channels in the Australian wealth management market are advisors at investors’ main banks, advisors at other banks, investment platforms at main banks and other banks, independent financial advisors (IFAs), investment management companies, pension companies, and robo-advisors, among others. The wide range of investments offered by independent financial advisors (IFAs) and services that extend beyond investment management drive the preference for IFAs.

Australia Wealth Management Market Analysis by Investment Channels, 2022 (%)

Australia Wealth Management Market Analysis by Investment Channels, 2022 (%)

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Australia Wealth Management Market - Reasons for Holding Wealth Offshore

The key drivers to hold wealth offshore in the Australian wealth management market are better returns, better investment product range abroad, and tax efficiency, among others. In 2022, an expectation for better investment product ranges followed by anticipation for better returns were popular reasons to offshore wealth for investors. Wealth held abroad presents a challenge to wealth managers who lack offshore capabilities. To avoid losing assets under management (AUM) to offshore providers, offering a more sophisticated and diverse range of investment product range onshore is a must.

Australia Wealth Management Market Analysis by Reasons for Holding Wealth Offshore, 2022 (%)

Australia Wealth Management Market Analysis by Reasons for Holding Wealth Offshore, 2022 (%)

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Australia Wealth Management Market - Asset Allocation Classes

The major asset allocation classes for HNW investors in the Australian wealth management market include bonds, deposits, equities, and mutual funds. Australia’s economy continued to grow in 2022 amid the rising inflation and cost of living. The target rates were increased by the RBA every month from May to December 2022, leading to an uncertain outlook for 2023 in the Australian economy. Tightened budgets are likely to continue, and additional mortgage and cost of living pressures are expected, largely due to constraints in the current labor market.

Australia Wealth Management Market Analysis by Asset Allocation Classes, 2022 (%)

Australia Wealth Management Market Analysis by Asset Allocation Classes, 2022 (%)

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Segments Covered in the Report

Australia Wealth Management Market Asset Classes Outlook (%, 2022)

  • Deposits
  • Mutual funds
  • Equities
  • Bonds

Australia Wealth Management Market Investment Channel Outlook (%, 2022)

  • Advisors at Investors’ Main Banks
  • Advisors at Other Banks
  • Investment Platforms at Main Banks and Other Banks
  • Independent Financial Advisors (IFAS)
  • Investment Management Companies
  • Pension Companies
  • Robo-Advisors

Scope

• In 2022, mass affluent investors held the highest proportion of their non-superannuation wealth in equities.

• Independent financial advisors are the preferred investment channel across all affluent classes considered.

• 50% of mass affluent and 27% of emerging affluent investors hold some proportion of their wealth abroad.

Reasons to Buy

  • Make strategic decisions using top-level historical and forecast data on Australia’s wealth industry.
  • Identify the most promising client segment by analyzing the penetration of affluent individuals.
  • Receive detailed insights into retail liquid asset holdings in Australia.
  • Understand the changing market and competitive dynamics by learning about new competitors and recent deals in the wealth space.
  • Discover the key digital disruptors in the country’s wealth market.

Douugh
Syfe
CommBank
Edda
Colonial First State
Wesfarmers
Telstra

Table of Contents

Australia Wealth Market

Investor Insights

Resident Savings and Investments

Digital Disruptors

Recent Deals

Appendix

Frequently asked questions

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