AXA's ambitious growth targets
AXA plans to double the amount of funds under advice it has in businesses it owns in the next five years, the company’s Melbourne-based chief executive Les Owens says.
Tuesday, June 29th 2004, 12:55AM
Such comments lead to mistakes being made, he says. Owens, who was recently in New Zealand, says advice has to move from being a cottage industry to one that is scaleable and corporatised.
Currently the advice business in New Zealand and Australia is characterised by a large number of small firms.
"Over time more transparency of fees and charges will require the financial planning industry here to consolidate." AXA owns the Spicers business in New Zealand and plans to grow the amount of business it has in this area.
Its other distribution stream is the group of people who were originally AXA tied agents.
Owens says there is a need to “evolve” this group of people into financial planners and the superannuation area.
Part of AXA’s role is to provide the services, such as technology, marketing and systems, to help these businesses grow.
Owens says AXA are “strong believers in the future of high quality professional advice” as a business itself and as a means for product manufacturers to distribute their offerings.
He believes there is good growth in this area as people have neither the time, knowledge nor confidence to make good quality decisions.
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