Actuarial consulting firm Milliman will offer its services to financial advisers stating that the “bruising” royal commission has brought the industry to a “tipping point”.
In a statement, Milliman Australia practice lead Wade Matterson said the financial advice industry is set to undergo immense changes following the royal commission into misconduct in financial services, and practices will need to adapt.
“There’s no doubt we’re arrived at a tipping point for our industry,” said Mr Matterson.
“The advice business must grow and develop in sophistication to match market expectations. Technology and big data will play a huge role in rebuilding trust and giving advisers new ways to understand and present advice to clients. Leveraging both now will be the differentiator between success and failure in future retirement outcomes as well as advice practices.”
Subsequently, Milliman said in its statement that it will commence working with advice practices “in an effort to markedly improve retirement outcomes” for clients.
“Milliman sees the speed of the change as a clear opportunity to help shape the market by finding solutions to the biggest challenges facing advisers and their clients including managing sequencing and longevity risk,” the statement said.
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