Stephen Richards

Founder, Ability Capital

In 2006 the Australian Davos Connection honoured Stephen with a Future Leaders Award for “intrapreneurial” efforts at Westpac, in the area of financial systems change. At the time he was Head of Equity Derivatives, prior to this role Stephen spent 5 years as Head of Equity Trading & Risk at the Commonwealth Bank.

We have an aging population with growing inequality and inter-generational inequity at a time when the environmental, social and economic meta-systems, and institutions underpinning them, are in the process of what system thinkers call a phase shift or transition.

Against this backdrop, it is also clear that around 90% of Australians will not have an adequate retirement income from superannuation. And even when the other two “pillars” of the retirement income system, the aged pension and other assets are included, still only 50% of Australian’s will achieve an adequate retirement income.

This is the problem that Stephen’s financial product innovation company, Ability Capital, is focused on with its “Income for the Generations” mission and 21st Century Pensions Project.

Increasingly though, it is clear that progress on solving the Problem involves deep collaboration between local, state & federal government, mainstream & emerging “disruptive” providers of retirement income products and most importantly the re-engagement of individuals in society that have essentially lost faith in the System.

Sometimes it’s really hard to collaborate in the absence of a profound crisis, but thanks to the BBS team who are holding space with open hearts, together we can.

View Ability Capital's website