Peter McCarthy
Australian executives spanning technology, venture capital, private banking, accounting and financial planning have joined forces to drive much-needed change in the advisory sector, launching WOWCON 2020.
The Whole of Wealth (WoW) summit, which will be held at Crown Casino in Melbourne on June 3-4 aims to reboot the financial advice and accounting sectors after what has been a harrowing time over the past two years in the wake of the Hayne Royal Commission.
“Demand for great advice is unprecedented. With record low-interest rates affecting investors, record household debt, an increasingly complex tax system to navigate and continued changes to superannuation it’s no surprise household financial stress is at an all-time high. Basically, more households need help than ever before,” WOWCON 2020 organiser, myprosperity founder Peter McCarthy said.
“However, on the supply side, the number of advisers is shrinking fast. In particular, the big brands are exiting advice at an unprecedented rate and a large percentage of firms are drowning in changes to compliance and the need to restructure their offering to fall into line with a post-Royal Commission world. When you have a market with high demand but shrinking supply it is one of those once in a generation opportunities most only realise with hindsight. And while the smart firms are cutting through the noise and growing fast, there are still many that need a helping hand.
“The Royal Commission is behind us. It’s time to rebuild, to rethink the way we work as accountants and advisers, to reboot our industry so we can thrive over the decades to come.
“WOWCON is a Whole of Wealth summit designed for, and built by, the advice sector. It brings together professionals from all walks of financial life to take a multidisciplinary approach to building the future of Australia’s advice industry. WOWCON is a celebration of advice. It’s the only industry event that brings together an array of industry experts, thought-leaders and innovators to have a conversation and share ideas on what this industry can be in the future.”
Macquarie Bank, Xero, myprosperity, LivePreso Wealth and BGL – among others – are sponsoring the event to bring together several hundred financial advisors and accountants and establish a new wave of momentum in what is one of Australia’s most important industries. Keynotes will include Xero Australia MD Trent Innes, Boost Juice Founder Janine Allis, The Practice Founding Partner Jason Cunningham and mentor to the world’s best athletes Ben Crowe.
“To think differently, we need to get out of our everyday grind. Hear from business leaders, entrepreneurs, tech founders and sporting personalities on how they overcome adversity, problem solve, spot opportunities and ultimately succeed,” WOWCON co-organiser, tech investor and former Xero Managing Director Chris Ridd said.
“The future of accounting, financial planning and advisory will have a heavy tech influence. We all get bogged down in the day-to-day. It can be monotonous and after the past two years for many of us, financial planning and advisory have become something we do because we have to – not because we want to. We want to fall in love again, kick some fiscal goals and get firing!”