The Australian superannuation industry is expected to grow to between $3.5 trillion and $4.5 trillion by 2025, with financial planning one of the strongest growth areas, says BNP Paribas.
According to a BNP Paribas and Australian Institute of Superannuation Trustees (AIST) survey, approximately 31 per cent of respondents surveyed – including chief executives, trustee directors and senior management – said member relations, advice and services will see the highest levels of job growth.
Respondents signalled that technology and digital services (22 per cent), investment and analytics (19 per cent) and marketing and communications (13 per cent) will also be areas likely to see improved employment prospects.
The survey also found that in order to improve the future of the industry, providing better investor protection needs to be a focus – 47 per cent of respondents noted this as a primary longevity issue.
While the superannuation industry is expected to grow, several funds expect half their members to be retired by 2025.
BNP Paribas pointed out that with this trend, the industry will begin to face challenges.
"Accordingly, developing post retirement pension products and services is expected to be the largest growth segment in the next 10 years for most respondents," a BNP Paribas-issued statement said.
Moreover, the survey found that further political disruption and increased industry regulation is also a concern among industry professionals.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all