Contact: Louise Denver
Deloitte
FSI Communication Consultant
02 9322 7615

Contact: Simon Disney
Investment & Financial Services Association
Media and Communications
02 8235 2520

How can the wealth industry simplify life insurance products to make them more attractive? How can the industry overcome its inefficiencies? What initiatives would make retirement income streams more attractive to retirees?

These three questions are being put to the future leaders of Australia's wealth industry by the investment and financial services industry association, IFSA and professional services firm Deloitte.

IFSA Chairman, Craig Dunn, IFSA CEO Richard Gilbert, and Deloitte Wealth Management leader Sarah Woodhouse launched this initiative at an industry strategic planning day in Sydney with the 14 strong board of IFSA and more than 70 CEOs of Australia’s wealth management industry.

As the who's who of the industry gathered at Deloitte to consider their top 10 issues for 2006/2007, the issue of retaining and attracting talent emerged as key to sustaining and growing the skills and talent in the industry.

The IFSA/Deloitte Future Leaders Award will see young leaders from the Australian wealth management industry apply their talents to develop innovative papers that will take a fresh approach to addressing the pressing issues of the industry. The Award is open to people under the age of 30 who work in IFSA's full member companies.

Participants need the support of their CEO and will have three months to prepare a paper on their chosen question. A finalist for each topic will be chosen by a judging panel consisting of industry leaders, academics and representatives from IFSA and Deloitte.

Deloitte will award the winner an expenses paid study tour to New York, Europe or the Asia Pacific to share ideas with key global industry leaders and to continue learning.

"To be part of a program that involves the industry's CEOs and aspiring young leaders, and that asks these bright young thinkers to take a fresh approach to the challenges faced by the industry, is very exciting," said Richard Gilbert CEO IFSA.

When devising this award we tried to combine the principles of best people practice such as mentoring, recognition and international benchmarking, with the need for an innovative approach to today's business conundrums," said Sarah Woodhouse partner Deloitte.

"We are also very fortunate to have attracted the support of some of our nationally and internationally respected industry leaders who have agreed to give their time to be involved in the program and to judge the three issues selected this year," Said Craig Dunn IFSA Chairman and Managing Director, AMP Financial Services, AMP.

"We look forward to the industry's support and hope that this inaugural award will go on to become a valued contribution to Australia's investment and financial services industry," he said.

"We also hope that the participants enjoy taking part in this opportunity to showcase their talents. There can only be one overall winner, but we have no doubt that the leaders of the future will be among this year’s contenders," said Sarah Woodhouse.

For further information about the IFSA/Deloitte Future Leaders Award, please visit the IFSA website or the Deloitte Financial Services homepage.

Key facts about the Award Program and application form are attached below.