Many financial advisors who are frustrated by ever-tightening regulatory controls on their industry in Australia are looking abroad for new opportunities.
Tardis Group’s Asset Management and Private Banking Consultant, Daniel Hollett, is working with advisors to find roles in South East Asia. The Financial Services Royal Commission has led to significant upheaval in the industry, and, while Daniel says it may weed out rogue players, many good advisors have become disillusioned.
‘There’s enormous frustration in the financial advice industry with the constant changes to regulation and compliance,’ Daniel said.
‘Financial advisors have been slammed by the findings of the Royal Commission – some fairly, some unfairly – and there’s a very tangible lack of trust in the industry.
‘When clients now consider a financial advisor they are instantly trying to avoid a bad situation, rather than being excited about getting their finances into a good position.’
In his role with Tardis Group, Daniel’s focus is on working with financial advisors and private bankers interested in postings in Singapore and serving South East Asia.
‘There, advisors are not bound by the same stringent regulations as in Australia. It’s a bigger environment with less red tape,’ he said.
‘There are opportunities to earn more at all levels, the salaries are higher, taxation is lower.
‘For a career it means you can get exposure to a broader range of products and clients with more zeros! You are not limited to such a small pool. The reality in Australia is if you want to be a very good banker, you have really only got five options, the ‘big four’ and Macquarie. In Singapore there would be 50 significant institutions.’
During the extraordinary economic growth years between 1989 and 2007 – Daniel says many investors arguably really didn’t need to pay for qualified advice, as most investments travelled well.
‘Generally speaking, you just needed to invest in something!’
‘But globally, conditions have changed and solid financial advice from talented advisors really counts. Being able to articulate who you are and what you do for people matters more than it ever has.
‘Since the GFC, it’s been a stormy, topsy turvy ocean out there and people are looking for a good captain.’
Daniel presents the qualifications of his candidates to Singapore-based wealth managers.
‘In Singapore, unemployment is little more than two per cent, which means that no one is unemployed very long,’ he said.
‘So if you want to find good people, you have to target them specifically. There are good people here in Australia whose careers would thrive in that market – I can help them find the right opportunity.’
Prior to joining Tardis Group, Daniel Hollett studied a Bachelor of Commerce majoring in Accounting and Entrepreneurship at Curtin University. He worked for Priority Financial Advice targeting the HNW segment and was Managing Partner at the Perth boutique.
If you are looking for a new challenge and would be open to a confidential discussion about your career progression, please do not hesitate to contact Daniel Hollett directly on email@example.com / Mob: +61 431 450 394