Wealth management and advice – The way ahead
A speech by Professor Berna Collier, ASIC Commissioner, to the Investment and Financial Services Association (IFSA), 5 October 2005.
How will the Australian financial services industry achieve world's best practice in wealth management and the provision of advice?
This afternoon, I would like to share with you some thoughts about wealth management and advice from the regulator's perspective. I will be talking under three broad headings:
- The environment in which all of us – the regulator, the industry and consumers – are operating
- The importance of advice for consumers of wealth management products and services and ASIC's role; I will touch on the quality of advice, super choice, super switching and shadow shopping
- The way forward: building strong partnerships to maintain consumer confidence in the quality of services offered by the wealth management industry.