Is there an Uber or Amazon of wealth?
Bill Gates should know about disruption. He said: “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next 10. Don’t let yourself be lulled into inaction.” In hundreds of ‘tech hubs’ around the world, some of the smartest brains of any generation are working day and night to develop an online investing and advice solution that will change the world, sometimes called ‘roboadvice’. The former executives from Kodak, Blockbuster and Borders know that even experts in a business do not see the freight train coming until it runs over them. New generations of investors are far less loyal to existing relationships and open to innovative forms of technology. But in Australian wealth management, powerful incumbents own and control the major distribution networks, they have billions invested in their own excellent technology and a client base that is largely disengaged. Superannuation is far less exciting to a Gen Y than the latest smart phone, and the major challenge for a new entrant is to attract enough attention. Looking over the next two years or ten years, can any disruptor become a genuine force that threatens the existing players, with $2 trillion already at stake in Australian superannuation assets? Part 1 looks at disruption (VIEW LINK) and Part 2 focuses on the future of wealth management (VIEW LINK) and there is a video overview here: