Sam Besley

Fidelity International has appointed Gavin Butt as regional sales manager and Sam Besley as sales manager, further strengthening its wholesale distribution capability and reaffirming its long‑term commitment to the Australian market.

The appointments reflect Fidelity’s continued investment in deepening client relationships across the intermediary market and enhancing local sales expertise to deliver more tailored support aligned to evolving client needs.

Mr Butt will be based in Sydney and will focus on developing and deepening relationships across the private wealth, private banking and family office segments, supporting advisers with Fidelity’s range of managed funds, ETFs and managed accounts. He will report to Lauren Jackson, head of wholesale sales.

Mr Butt joins Fidelity International with more than 20 years’ experience across wholesale distribution, investment consulting and asset management. Most recently, he held senior roles at Natixis Investment Managers, including research & consulting and state manager, NSW & ACT, working closely with wholesale teams and research houses to support growth and retention across a multi‑affiliate platform. He has previously held senior roles at NAB Asset Management, AMP Capital, and Amundi.

Mr Besley will be based in Melbourne and joins Fidelity as sales manager, where he will be responsible for leading and deepening relationships with Fidelity’s key strategic clients at a head‑office level, including consultants and private wealth groups, and driving commercial relationships with key strategic clients. He will report to Lukasz de Pourbaix, head of strategic sales and solutions.

Mr Besley brings more than 15 years’ experience across wholesale distribution and strategic account management. He joins Fidelity from Ironbark Asset Management, where he was a key account manager covering consultant, private wealth and adviser channels. Prior to this, he held senior wholesale distribution roles at Robeco and Goldman Sachs Asset Management and previously worked at Fidelity International as a business development manager.

Simon Glazier, Fidelity’s managing director, Australia, says the appointments highlight Fidelity’s continued investment in the Australian market and its focus on building long‑term adviser partnerships.

“These appointments reflect our ongoing commitment to the Australian market and to investing in experienced, high‑quality local talent to support advisers and strategic partners. Gavin and Sam each bring deep market knowledge and complementary skill sets that will further strengthen our wholesale sales capability and help us deliver long‑term value for clients.”

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Lauren Jackson

Fidelity International has launched its first Global Equity separately managed account (SMA) in the Australian market, supported by Australian wealth management firm and key private wealth partner, Emanuel Whybourne & Loehr.

The Fidelity Global Top 50 ex Australia Portfolio leverages Fidelity’s research ratings globally, alongside its analysts’ top stock picks. It typically holds 50 listed equities and is managed by a highly experienced research and portfolio management team, including Sydney-based portfolio manager, Matt Jones, and UK based portfolio managers, Hiten Savani and Daniel Swift. The SMA will use Fidelity’s proprietary systematic investment process, which has been built on over 20 years of fundamental and quantitative research, alongside integrated risk management.

Lauren Jackson, head of wholesale Australia at Fidelity International, commented: “The SMA will help solve the problem that financial advisers face when allocating to core global equities. Many financial advisers still allocate passively or use discretionary active global managers at a much higher fee within their portfolios. This SMA gives financial advisers the choice to invest in an actively managed global portfolio, maintain a lower fee structure and meet the need for a core global equities solution.”

Ms. Jackson said the support from Fidelity International’s wealth partner, Emanuel Whybourne & Loehr is important to ensure the success of the Fidelity Global Top 50 ex Australia Portfolio launch.

”The firm is well respected and has a strong track record. Its knowledge and expertise will be invaluable for the roll out of this SMA, helping clients to navigate the complexities of the market, and providing support to high-net-worth investors,” Ms. Jackson continues.

Ryan Loehr, partner at Emanuel Whybourne & Loehr (EW&L Private Wealth) said: “We created our firm so we could keep pace with the changing needs of investors, and one of the most transformative changes over that time has been an increasing shift towards alternative assets. Public markets still play an incredibly important role, but fee budgets are shifting away from active equity managers. Recognising this, we wanted to achieve the best of both worlds for our clients in public equities and offer a highly competitive fee structure to rival index funds, with an active overlay from a risk and quantitative perspective from one of the world’s largest investment managers, Fidelity International. 

“In partnership, this will provide our clients with the transparency, tax flexibility and ownership of some of the best listed businesses in the world, without the embedded risk, or concentration limits of an index, and at a price point that rivals the cheapest index available. This is the next frontier of active-indexing, and partnering with Fidelity International was the right step to be able to bring this first in kind solution to market for our investors.”

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Lauren Jackson

With $3.5 trillion dollars expected to transfer between generations in the next 20 years as part of the great wealth transfer, many Australians expect to receive some form of inheritance in the next few years. However, the majority have expressed concern about how to navigate the legal, financial and investment complexities this would trigger. This is from a study by Fidelity International (‘Fidelity’).

The Fidelity’s Next Generation research surveyed* over 1000 Australian consumers aged 18 to 59 years old to understand their evolving financial needs and behaviours. The study found that close to 1 in 5 of those surveyed have already received some form of inheritance and 1 in 10 expect to receive even more. A further 2 in 5 believe it is likely that they will receive an inheritance in the future.

Generation X, aged 44 to 59, are likely to be the greatest beneficiary of the ‘Great Wealth Transfer’, with over one-third (35 per cent) of Gen Xs expecting to inherit over $500,000.  This drops to 20 per cent of Millennials (aged 29 to 43) who expect to receive this level of inheritance, and only 13 per cent for Gen Zs (aged 18 to 28).

Lauren Jackson, Head of Wholesale, Australia, Fidelity International says there has been a lot of talk in recent years about “the great intergenerational wealth transfer” and Australians are starting to experience the reality of this.

“Much of the commentary has been focused on the positives of an inheritance and how this could help younger Australians with issues such as housing affordability. However, it is clear that there are also some concerns. The vast majority of next gens say they are worried about managing their inheritance. Over half of next gens say they are likely to change their investment strategy after receiving an inheritance, and two-thirds would consider seeking financial advice or planning to help with this.  There is no doubt that getting professional financial advice could be very useful for these people to help manage the tax implications, legal issues, and investment decisions.”

The research found that the most common uses for an inheritance include investing it (40 per cent), paying off debts (39 per cent), or buying a home (31 per cent). Gen Z are notably even more likely to plan to invest their windfall (48 per cent) than Gen X (41 per cent) or Millennials (35 per cent). When it comes to what types of investment Australians plan to use their inheritance on, real estate came up tops, followed closely by superannuation and high-interest savings accounts.  Australian shares are also a popular choice (see Figure 1).

Figure 1: Top 10 investments for inheritance

Lauren Jackson comments: “Our research suggests that most people see an inheritance as a chance to make a meaningful difference to their financial future and they don’t want to waste the opportunity or take risks with it. There is a clear trend towards longer-term investments such as bricks-and-mortar and retirement income.”

When asked about the main concerns of receiving an inheritance, respondents highlighted tax implications, managing the money responsibly, family disputes and emotional stress as top concerns (see Figure 2).  Formal family governance structures to manage the wealth transfer is also a very important consideration for 1 in 5 and somewhat important for close to half of Australians.

Figure 2: Top 10 concerns surrounding inheritance

Support required to manage the windfall

More than half of Australians also say that they are likely to change their investment strategy once receiving an inheritance, and 2 in 3 would be at least somewhat likely to seek financial advice or planning for this.

Close to 1 in 2 of those who have or are likely to receive an inheritance seek out help from family members, while close to 2 in 5 use or would consider using a professional financial adviser, followed by other professionals like accountants (1 in 4).

Lauren Jackson says that inheritance is a good catalyst for investors to reconsider their financial strategies and seek professional help.

“It is heartening to see that a majority of Australians are not afraid to seek help and are likely to reach out for financial advice once they have received an inheritance. Advisers can play a pivotal role by helping clients realign their portfolios and strategies in response to their new financial reality, ensuring their wealth is effectively managed and grown over time.

“There is a significant opportunity for professional advisers to provide critical guidance on how to handle this financial transition, which often includes legal, tax, and investment challenges. Many next gens require guidance on debt management, investment strategy, alignment with personal values, and managing family dynamics. The financial services industry should be prepared to cater to this growing demand for ‘next gen’ advice,” says Lauren.

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* Fidelity International leveraged a large quantitative research study undertaken by independent research firm MYMAVINS to compile the Next Generation report.

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Lauren Jackson

Women are increasingly aware of the importance of managing their financial wellbeing and taking steps to take control of their finances.  However, they continue to have less confidence in their financial knowledge and greater concerns about their financial future than men, according to a recent study by Fidelity International. 

The Fidelity’s Next Generation research surveyed* over 1000 Australian consumers aged 18 to 59 years old to understand their evolving financial needs and behaviours. It found that women are notably less likely to believe they will achieve their long-term financial goals, with 13 per cent of women feeling confident about this compared to 22 per cent of men.  It also found that just 18 per cent of women are very confident in their ability to manage their day-to-day finances as well as their big picture finances, compared to 28 per cent on men.

It is also notable that there is a significant gap in the confidence men have in their ability to evaluate investment opportunities compared to women (72 per cent of men are confident or very confident, compared to 48 per cent of women). While this confidence may not necessarily translate into investment success, it is indicative of the bigger issue around women’s confidence in their financial abilities, and therefore the steps that they take to manage their finances.

Lauren Jackson, head of wholesale, Australia, Fidelity International, says it is concerning that women continue to feel they lack the knowledge or ability to take control of their financial situation.

“Women recognise how important it is to be financially aware and to manage their financial situation. We are seeing people becoming more vocal about addressing issues such as longevity, and how women can contribute more to their superannuation. This is positive progress.

 “However, what we should tackle next is the gap in the confidence and faith that women have about their own ability to manage their financial situation when compared to men, as this will have a knock-on effect on the decisions that women make about investments and managing money.”

When it comes to strategies to help them achieve their financial goals, almost one-in-four women (24 per cent) say they have never invested at all, compared to 10 per cent of men. Furthermore, women are less likely to invest in shares or bonds (22 per cent compared to 31 per cent of men) or to consolidate debt (15 per cent compared to 24 per cent). They are also less likely to consider diversification in their investments, with 18 per cent saying they don’t consider adequate diversification at all, compared to 4 per cent of men.

Just 16 per cent of female respondents said they have seen a financial adviser, compared to 22 per cent of men. This could be due to the influence of money worries, with over half of the women surveyed saying they are concerned about the cost of seeing an adviser (55 per cent of women compared to 46 per cent of men) as well as the fees and charges on investments (61 per cent of women compared to 55 per cent of men).

“The impact of this discrepancy is real, particularly in the current economic environment,” Ms Jackson says.

“Cost-of-living pressures are being felt very keenly by women, with three quarters of women saying they have reduced spending on non-essentials compared to 60 per cent of men.  This could create another barrier to their willingness to invest.

“Financial institutions have a role to play to help support women in achieving financial equality and helping to shift perceptions.  For example, Fidelity’s ‘Women and Wealth’ initiative in Australia focuses on connecting financial expertise with women inside and outside of the financial services industry, in particular, the next generation of female investors. This includes providing information specifically designed for female investors as well as organising events and forums that give women the opportunity to hear from those in similar situations.

“This is particularly important as our research found that women are less likely to seek out professional financial advice than men.”

Women are also worried about finding someone they can trust (43 per cent compared to 34 per cent of men) or who can speak to their level of understanding (women: 25 per cent; men: 19 per cent). Interestingly, women are less likely to turn to social media ‘finfluencers’ for advice, with just over one-quarter of women (28 per cent) saying they use ‘finfluencers’ as a source of information about finances compared to over one-third (36 per cent) of men.

Instead, women are more likely to turn to financial news websites and publications (34 per cent) and friends and family (33 per cent).  Men also rank financial news websites highly (40 per cent) but their second choice is investment apps (36 per cent).

“Our report highlighted the increasing interest among younger generations in seeking financial advice, with 1 in 2 ‘Gen Z’ respondents finding financial advice appealing or very appealing. This is a positive sign for the future as we hope to see this trend help drive more females toward advice, thus increasing their confidence in making investment decisions,” says Ms Jackson.

“It is clear that more needs to be done to improve financial understanding amongst all Australians but in particular women, in light of their longer lifespans and lower superannuation balances.

“At Fidelity, we continue to look at the role we can play in supporting and empowering current and future female investors, through education and improving financial literacy, information and advice tailored to the needs of women, and providing leadership.”

Read the research.

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Notes
* Fidelity International leveraged a large quantitative research study undertaken by independent research firm MYMAVINS to compile the Next Generation report.
The research involved an online survey of 1,011 next generation Australian consumers 18 to 59 years old, with fieldwork undertaken in August 2024. Respondents included adult Generation Z aged 18 to 28 (n=174), Generation Y or Millennials, aged 29 to 43 (n=443), and Generation X aged 44 to 59 (n=394). There were 111 respondents with an active relationship with a financial planner.

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Lauren Jackson

The higher cost of living is hitting many Australians hard but how they are reacting to it varies widely depending on their generational cohort, according to a new report by Fidelity International.  The Next Generation report found that Generations Z and Y are more likely to look for additional work instead of cutting back spending, compared to Generation X.

With over $3.5 trillion in wealth set to transfer between generations over the next few decades, Fidelity surveyed* over 1000 Australian consumers aged 18 to 59 years old to understand their evolving financial needs and behaviours. Respondents included Generation Z (aged 18 to 28), Generation Y or Millennials (aged 29 to 43), and Generation X (aged 44 to 59).

The research found that while Gen X are more likely to respond to cost-of-living pressures by reducing their spending on non-essentials, Gen Y and Gen Z are more likely to take on additional work hours, and least likely to reduce spending.

Lauren Jackson, head of wholesale, Australia, Fidelity International said this reflects the drive of younger generations to maintain their lifestyle ambitions.

“Our research shows that younger Australians are financially ambitious and confident and – perhaps contrary to common opinion – more willing to take on additional work in order to maintain their lifestyle. This might include side hustles, entrepreneurship or new investment opportunities. By contrast, Gen X Australians are more cautious and more likely to set themselves a budget and cut back on non-essentials in order to manage the rising cost of living,” she said.

The study also found that financial confidence among the next generations is generally high, with around one in five feeling very confident and a further one in two feeling somewhat confident in managing both day-to-day and broader financial matters. Three in five say they are confident evaluating investment opportunities, although Gen Z and Gen Y report even greater confidence than Gen X.

Younger investors are more likely to have a higher risk tolerance, which commensurate with their investment horizon but also possibly reflecting a degree of overconfidence. Around one in three Gen Z and Gen Y say they have a high or very high-risk tolerance compared to under one in five Gen X Australians.

The report also found that attitudes to making and managing money vary between generations, with younger people desiring quick financial gains compared to older Australians.  Gen Y and Gen Z are more likely to invest in areas such as cryptocurrencies and passive ETFs compared to Gen X who have significantly greater use of super and Australian shares.

In addition, one in five Gen Z are likely to consider information from ‘finfluencers’ or social media, compared to just over one in 10 Gen Y and only three per cent of Gen X.

Lauren Jackson comments: “Younger Australians – particularly Gen Z and Gen Y – are approaching financial management with different expectations and priorities compared to older generations. They have access to a multitude of information sources and often feel empowered to navigate investment opportunities, but this self-assuredness may mask a lack of deeper financial literacy and experience, particularly in areas like portfolio diversification. There is a risk that a ‘get rich quick’ mindset could push younger investors off track from achieving their financial goals, particularly with cryptocurrencies and finfluencers around every corner. A strong focus on financial education, highlighting the importance of disciplined, long-term investing, will be key to ensuring that their confidence doesn’t lead to poor decision-making.”

Financial goals

In terms of what they spend their money on, Gen Z are most likely to focus on buying a home or property (18 per cent) in the short term, along with growing investments (14 per cent), funding travel and lifestyle (11 per cent) and paying off debt (11 per cent).

Gen Y tend to prioritise paying off debt (22 per cent), buying a home or property (17 per cent), building an emergency fund (12 per cent) and achieving financial independence in the short term (10 per cent). Gen X are focused on paying off debt (27 per cent) followed by saving for retirement (15 per cent) which are also sustained as their longer term goals.

Emerging investing preferences and approaches

Active ETFs are increasingly appealing to younger generations. Close to one in two view active ETFs as an attractive investment option, with Gen Y the most likely to find them appealing, followed by Gen Z. Ease of monitoring, simplicity of transactions, lower minimum investment, and transparency, are considered the most attractive features.

When it comes to Australians’ investing habits, the study shows that alignment with personal values is becoming increasingly important. More than three in four of those surveyed feel that it is important to align their investments with their personal values. Around four in five say that a strong brand reputation is important when investing.

Around one in five Gen Z and Gen Y are likely to make social and ethical investment considerations, compared to about half as many Gen X. One in two Gen Z and Gen Y are likely to consider ESG factors in future investments compared to around one in three Gen X.

The report also found the generations have differences in what they like to invest in as well as how they invest. Mobile trading apps are used by approximately two in five of the next generation with investments, and online brokerage accounts by one in four. Gen Z and Gen Y are more likely to use mobile trading apps than Gen X, with close to one in two using them compared to half as many Gen X.  The report also found that investing through a stockbroker is more common among Gen Z compared with Gen Y and particularly Gen X.

Lauren Jackson comments: “As part of the digital native generation, Gen Y are familiar with apps across all aspects of their life and expect the same kind of service when it comes to their investments. But they also have a desire for self-improvement and financial education. It is clear that younger investors are often looking for more control and flexibility in their portfolios, and they recognise that active ETFs have the potential to help them achieve their financial goals.”

“As an asset manager, we continually look to evolve to meet the needs of our clients. For instance, earlier this year we launched four actively managed exchange traded funds to give them easy access to some of our most popular funds in Australia.”

Read the Next Generation report.

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Lauren Jackson

Australian women are, on average, more confident than their Asia Pacific counterparts in their ability to manage their own money, at 60 per cent versus 49 per cent, according to research by Fidelity International.

The Fidelity Global Thought Leadership Asia Sustainability Study surveyed 2086 males and females in Australia and looked at their attitudes towards their finances and retirement.  It also surveyed people in Hong Kong, Singapore, Taiwan, China and Japan.

Lauren Jackson, business manager at Fidelity International, says the findings contain some areas of concern about how financially independent Australian women feel.

“There was some good news, with Australian women more likely to feel they are actively managing their finances, and that they have the ability to make the right decisions about where their money is invested or saved, compared to their APAC peers.

“However Australian women are more concerned about the effect of the cost of living on their financial situation (74 per cent compared to the APAC average of 52 per cent) and are more likely to have debts they are worried about (45 per cent compared to the APAC average of 33 per cent).

“Australian women are also less likely to agree that they have a personal income which covers everyday expenses and bills than their APAC counterparts.”

Ms Jackson says there are also significant gaps between how Australian men and Australian women feel about their financial situation.

“Some of the biggest differences in attitudes towards money were in response to queries where respondents were asked to agree or disagree with statements like ‘investing is for people like me’,” Ms Jackson said.

“While more than half of the Australian men surveyed, at 57 per cent, agreed with that statement, just 34 per cent of Australian women did.

“Gender stereotypes around investor confidence may be a factor in these responses, but women are also less likely to say they feel very or fairly financially independent, which impacts their ability to see themselves as investors.

“Interestingly, Australian women are more likely to say there should be more help for those with children (e.g. childcare) than women from any other region, and also ranked highly in wanting more commitment from the government to close the gender pay gap,” she said.

Only half of Australian women said they felt very or fairly financially independent, with 54 per cent of them defining financial independence as having a personal income which covers everyday expenses and bills. This compared to 65 per cent of men who said they felt very or fairly financially independent.

The statistics also do not paint a positive picture for women reaching retirement. Just 35 per cent of women said they probably or definitely had enough for retirement, compared to 65 per cent of men.

“This comes as no surprise really, with the Association of Superannuation Funds of Australia (ASFA) finding the average superannuation balance for women aged between 60 to 64 was just $289,180 in June 2019, compared to $359,870 for men,”^[1] Ms Jackson said.

“That is well short of the $540,000 balance that ASFA says is needed for a single person to achieve a comfortable retirement based on retiring at age 67.”

The research found women are also much more conservative when it comes to their expected personal income in retirement and are anticipating an average income of $66,874 compared to $82,456 for men.

“Much needs to be done to improve the superannuation gender gap. Many women’s retirement savings suffer from taking time out of the workforce to raise children and they also often work in lower paying industries,” Ms Jackson said.

“But financial advice can also help women on all income levels build their financial confidence. A previous study by Fidelity, The Pathway to Financial Independence^[2], found that one in five advised women say they rarely or never worry about money, compared to one in seven unadvised women.”

The Pathway to Financial Independence study was conducted online in January 2022 and involved 2,017 adult Australians. It also found that advised pre-retiree women are about five times more likely than unadvised women to rate their knowledge of financial matters as very good.

“Financial advisers can help women build their confidence but can also educate them around how best to utilise many of the strategies available to assist in boosting their superannuation balances,” Ms Jackson said.

“For example, many may not know the downsizer contribution – which enables people to place up to $300,000 into their super from the proceeds of the sale of their home if they meet eligibility requirements – is now accessible to people over 55 years old,” Ms Jackson said.

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[1] https://www.fidelity.com.au/sites/fidelity/assets/Pathway_Women_Fin_Independence.pdf
[2] Compulsory superannuation is delivering, but more needs to be done for women and the low paid – ASFA

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