According to the 2018 Edelman Trust Barometer, 2017 was the second year in a row that trust fell across government, NGOs, media and business. As it stands, Australia’s trust rating is only 4 per cent above the world’s “least trusting country”, Russia.
For business, a large part of the diminishing trust has come courtesy of well-publicised money laundering and counter-terrorism failures. An August 2017 report from the Australian Bankers’ Association found that just 31 per cent of Australians have a high level of trust in banks.
So, the casual observer could be forgiven for assuming that now is the time for newer players to strike.
However, to the managing director of one of these newer players, SelfWealth, there are still a number of potholes to be navigated.
“We’re still in financial services. When you’re dealing with people’s money, you still have to build that trust, so we’ve only been in the market, and our brand out there really for only two, three years now. That’s still our biggest challenge,” Andrew Ward told Nest Egg.