This is a time of major growth Indonesia wealth management industry, in the wake of the new tax amnesty programme. This should, for example, be the catalyst to now kick-start the country’s wealth management sector. At the same time, regulation for financial advisers is coming, hopefully helping to drive more awareness, growth and engagement.
This all presents a tangible opportunity to build a longer-lasting business. In line with this, local banks should also be able to close the gap that has existed to date in terms of the quality of advisers, connectivity, processes and access to investments that are commonplace within universal banks. The key challenge for the industry is whether it can create and sustain the resources required to offer a professional and efficient service. Added to this is the need to ensure that technology – especially via mobile, digital and social channels – can be harnessed, along with product innovation and education of both clients and advisers alike.
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