Wealth management is an exciting growth industry in Australia. Growth has been driven by a strong desire by Australians to accumulate sufficient money for a comfortable lifestyle in retirement while also providing for their dependants.

The ageing population and Australia’s compulsory superannuation regime have further bolstered this growth. The introduction of the superannuation guarantee system in 1992 has underpinned growth in funds under management over the past ten years at more than 10% per annum.

Australia’s wealth management industry covers financial accumulation and protection products and services for retail and wholesale customers.

Financial accumulation products and services include savings products, managed funds, shares, superannuation and retirement income products.

Financial protection products and services include death, disability and income protection insurance and estate planning services.

Financial planning services play an integral part in the provision of these products and services by offering advice and planning on choice of product, taxation, social security and other legislative issues.