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Digital Disruption in Wealth Management: FSC/ Deloitte Future Leaders Award winning paper


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25 October 2013: The Financial Services Council/Deloitte Wealth Management Future Leader Award winner for 2013 is Suncorp Life’s Bree McDonough.

“Bree’s winning paper discusses the speed and impact of digital disruption on the wealth management industry, and argues the need to re-engineer business models around the connected customer,” said Sarah Woodhouse, Deloitte wealth management partner.

“In a well-researched and innovative paper peppered with examples, Bree outlines how wealth management businesses have to develop digital intelligence to better understand their customers’ changing needs and so build stronger relationships. She describes how digital technology will also help to reduce operating costs, improve workflows, and strengthen risk management capabilities.

“Our 2013 winner and the three finalists challenge and innovate around the hot topics of the wealth industry. This year, as in previous years, the participants meet and continue to raise the bar for our wealth management future leaders’ awards.

“In the process they expand their networks, reach out to their mentors and the industry experts, and as a result will have the opportunity to present their thinking in various professional forums,” Ms Woodhouse said.

Bree McDonough wins a round-the-world airfare for her research paper, as well as time in London with the Deloitte global financial services team and Deloitte Technology, Media and Telecommunications global leader.   

John Brogden, CEO of the FSC, said: “It’s critical that we continue to innovate and seek sustainable ways to grow our $2 trillion financial services industry.

“Initiatives such as our Financial Services Council, Deloitte Future Leaders Award − now in its eighth successful year − encourage innovation and provide a platform for young professionals to showcase their ideas and expertise.”

“The thinking and innovation from our next generation of leaders, combined with the experience and wisdom of our senior executives and mentors, are essential for the next stage of growth for financial services in Australia,” Mr Brogden said.

The three other FSC/Deloitte Future Leader Award finalists 2013 in each topic were:

  • Albert Yee, Suncorp Life – Improving customer perception and experience
  • Dragan Savic, BT Financial Group – Longevity/ageing population
  • Brendon Ferreira, NAB – Global Markets

2013 Future Leaders participants Honour Roll:

Stephen Flegg, AMP; Anthony Leong, APRA; Donna Naing, ASIC; Doan Le, Swiss Re; Jonathan Forsyth, AMP; Stefan Duro, State Super Financial Services; Cara Sloshberg, State Super Financial Services; Laura Hawkins, Suncorp Life; Stuart Corradini, Perpetual Investments; Russell Turner, Perpetual; Adrian Aardoom, Challenger Limited; Katherine Lacey, MLC; Chad Barendse, National Australia Bank; Mike Klupacs, BT Financial Group; Annabel Aboud, UBS Global Asset Management (Australia) Ltd; Novia Phoa, APRA; Geraldine Lamont, ASIC; John Simpson, Swiss Re; Mark McClenahan, Metlife Australia; Richard Pillay, State Super Financial Services; Albert Yee, Suncorp Life; Bree McDonough, Suncorp Life; Ameya Hattangadi, Perpetual; Amy Koh, Perpetual; Xing Sun, AMP; Brendon Ferreira, National Australia Bank; Julia Zboromirsky, National Australia Bank; Sze-li Chong, BT Private Bank / Westpac; Dragan Savic, BT Financial Group; Nicholas Boustany, BT Financial Group / Westpac Private Bank.

Criteria

The Award program is open to current employees of Financial Services Council Full Member companies, APRA, ASIC and AUSTRAC. Participants must be under 30 as at 1 January 2013 and permanent residents of Australia. All participants were supported by their CEO and a senior mentor from within their organisation. They were asked to submit a 2500-3000 word paper on one of the four ‘hot topics’ in the Industry.

Judging took place throughout September and October 2013.  

Members of the judging panel for 2013 included:

Steve Helmich, AMP Financial Services (Chair); Melanie Evans, Westpac Banking Corporation; Marc Lieberman, Metlife Australia; Ben Heap, Australasian Wealth Investments (Chair); Geoff Weir; Bernard Reilly, State Street Global Advisors; Andrew Cummins, Colonial First State; Linda Elkins, Colonial First State (Chair); David Knox, Mercer; David Bryant, Australian Unity; Geoff Summerhayes, Suncorp Life (Chair); Carden Calder, Bluechip Communication; Duncan West, NAB Wealth.

NB: See our media releases and research at www.deloitte.com.au or www.fsc.org.au  

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Louise Denver
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