（Singapore, 04.12.2025）Australia is turning into one of the world’s most hotly contested battlegrounds for wealth management, as major global firms rush in to fill a growing void in financial advice. With millions of Australians heading into retirement and an enormous pool of savings up for grabs, companies like BlackRock, Goldman Sachs, Morgan Stanley, and JPMorgan are accelerating their expansion across the country.
BlackRock’s recent move has captured particular attention. During one of his regular visits to Australia, BlackRock chief executive Larry Fink took interest in a boutique financial firm led by Olympic swimming champion Grant Hackett. That visit laid the groundwork for a A$25 million investment into Generation Development Group earlier this year, positioning BlackRock to gain deeper access into Australia’s vast retirement savings system. Jason Collins, BlackRock’s Australia chief, says the timing could not be better, calling it a “golden age for the wealth industry.” The firm’s goal is to help develop new retirement-income products, a segment that is becoming increasingly important as the population ages.
The attraction is clear. Australia’s compulsory pension system, now more than three decades old, has grown into one of the world’s largest, with assets totalling about A$4.5 trillion. With employer contributions set at 12% of wages, that pool is expected to nearly double to more than A$8 trillion within ten years. Combined with decades of rising property prices, Australians have accumulated immense personal wealth, ranking second globally in median wealth per adult. Yet despite this financial strength, few Australians have access to professional advice. Only around 10% receive guidance of any kind, leaving millions unsure how to manage their savings, how much they can spend, or how to plan for long lifespans.
This advice shortage has its roots in a major scandal that reshaped the industry. A 2019 Royal Commission exposed widespread misconduct across Australia’s biggest banks, including cases where clients were charged fees after they had died. In the wake of public outrage and new regulations, the major banks abandoned wealth management, and adviser numbers collapsed from more than 28,000 to about 15,000 today. Those who remained faced higher compliance costs, and fees surged as a result. For many ordinary Australians, personalised advice became too expensive or simply unavailable.
The vacuum left behind has attracted some of the biggest names in global finance. UBS, having regained a presence in Australia through its merger with Credit Suisse, is expanding into cities like Brisbane and Perth. Goldman Sachs has been building out its wealth-advisory business in Sydney and Melbourne, targeting families with more than A$100 million in assets. According to Goldman’s private-wealth executive director Chris Kavanagh, the number of sophisticated investors in Australia is far greater than the firm expected, and many are eager for guidance on complex investments and opportunities both locally and overseas.
Other global players are making their own moves. JPMorgan Asset Management has strengthened its wealth-distribution team and partnered with the country’s largest bank to reach high-net-worth clients. Morgan Stanley, which already has around 70 advisers in Australia, plans to expand further as it sees long-term potential in the country’s growing retiree population. At the same time, firms like Vanguard and Brookfield are investing heavily to grow their presence, bringing new pension products and access to private-market investments that were once seen as niche.
Yet while international interest is reshaping the industry, the challenges of Australia’s system remain. The country excels at helping workers build savings, but its transition toward helping retirees manage and spend those savings has proven far more complicated. AustralianSuper chief executive Paul Schroder warned recently that the system is “too complex and difficult to navigate,” and has pushed for reforms that would allow pension funds to provide more personalised guidance — something only licensed advisers are currently allowed to offer. The government is now drafting reforms to make advice more accessible and less costly.
The growing appetite for alternative investments, such as private credit, infrastructure and real estate, is also transforming the market. Ten years ago, these types of investments were considered unusual for everyday retirees. Now they are becoming mainstream. Brookfield Oaktree Wealth Solutions, which manages close to A$90 billion in Australia, says investor interest has increased rapidly as people seek more diverse sources of income. But regulators remain cautious. The corporate watchdog has issued several stop orders on unlisted products it deemed unsuitable for retail investors, including a private-credit fund owned by a Brookfield subsidiary, highlighting the risks that can emerge in a fast-evolving market.
For foreign firms looking to accelerate their presence, acquisitions are another way in. Earlier this year, New York-based CC Capital Partners won a bidding contest against Bain Capital and Brookfield to buy Insignia Financial, one of Australia’s largest wealth-management groups, in a deal worth A$3.3 billion. The transaction underscored the intense interest global players have in capturing a share of the country’s retirement wealth.
Local super funds are responding by developing new products focused specifically on retirement. AustralianSuper is preparing to launch a new income-focused product within two years, designed to help members draw down their savings more effectively. Its timeline places it in direct competition with new retirement offerings being developed through the BlackRock-Generation partnership. Felipe Araujo, who leads Generation Life, believes this shift in focus is long overdue. Australia, he says, has spent decades prioritising wealth accumulation. “Now comes the harder part — decumulation,” he says. “There’s a huge opportunity to get it right.”
