Wealth Management: An Industry in Need of a Makeover?

Double-digit returns may be back, but the wealth management industry has an image problem. Observers say the global financial crisis was a tipping point for the industry that handles Australia’s vast super savings – about A$6 billion monthly is landing in the hands of fund managers for investment. Wealth managers were criticised for under-delivering for their clients, but over-delivering for themselves - as the debate over how they should be paid continues. And the recently announced federal government reforms only go part of the way to addressing its issues. Some industry participants are considering a makeover.