There are many indicators pointing towards, and many analysts predicting that Australia’s superannuation industry is expected to have strong growth this year and should continue to show solid annual growth over the next 10 years.
In particular, the financial services research firm DEXX&R supports this view. Their latest market report is forecasting that the total superannuation market will have an average annual growth rate of 9.1% to $3.25 trillion by June 2022.
DEXX&R’s forecast for the total financial services market, which includes the master trust sector and post-retirement sector, is expected to be 8.6 per cent to $3.75 trillion in the same period.
Although the outlook is positive, especially over the 10 year period, it is important to acknowledge that the Future of Financial Advice (FOFA) reforms will have the potential to negatively impact predictions for the 2013 year.
The upcoming FOFA reforms will provide the financial services industry with a tumultuous year whilst financial advisors adapt their business models and business strategies whilst these regulatory changes come into play.
Paul Baggetta, Founding Partner of Baggetta & Co, has been a Taxation Accountant for over 31 years, a qualified Financial Planner since 1999 specialising in Retirement Planning and Self Managed Super Funds, and in 1983 qualified as a Real Estate Licensee and holder of a Triennial Certificate.
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