Australia's four major banks, historically provided superannuation as a component of wealth management services.
In recent years however, some international players have entered the market including Vanguard.
One reform that has been advocated for is the de-regulation of workplace default funds; such as by removing certain funds from being a default payment option under Australia's award system.
[5] Testimony at the Hayne Royal Commission highlighted conflicts of interest where retail super funds are owned by banks; including bank advisors recommending a retail super fund to their customers, even where not in the best interest of the prospective member.
[6] Following the Royal Commission, several banks commenced processes to dispose of their wealth management divisions.