Simon Birmingham sees a way back for the banks into wealth management
After a scathing royal commission pushed banks to offload their wealth and advice businesses almost a decade ago, there is growing talk of a comeback.
After a long career in federal politics which encompassed the banking and financial services royal commission, Simon Birmingham sees a viable path back for the major banks to return to the wealth management business as the sector vies for a greater slice of Australian retirement savings.
The former finance minister in the Morrison government and now chair of the Australian Banking Association (ABA) said his conversations with banking CEOs show there’s growing interest to reenter the space.
“What they’re most concerned about is a lack of available, affordable, accessible financial advice and wealth management services to Australians, and the risk that that creates,” he told Capital Brief.
“Individual banks will make their own decisions and I am confident they’ll do so, being very mindful of the lessons from the royal commission period, and very mindful of their obligations in relation to disclosures and other matters.”
