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Janus Henderson acquires NBK Wealth, Tabula Investment Management
Janus Henderson has acquired the wealth management arm of the National Bank of Kuwait, NBK Wealth, as well as European ETF provider, Tabula Investment Management.
ART names advice and education leads
Australian Retirement Trust (ART) has revamped its advice, guidance and education team and created two new leadership roles.
Men, women in same occupation drive pay gap
A whopping 80% of the gender pay gap can be attributed to women being paid less than men within the same occupation, a new economic analysis shows.
Macquarie Group profits falls 32% to $3.52bn
Macquarie Group has reported a net profit of $3.52 billion for the year ending 31 March 2024, a 32% decrease from the previous year.
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Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
When will the banks and ASIC get it? It's about a sales culture. Re-training, particularly if it applies just to advisers, cures nothing.
I know a few bank advisers. If left to their own devices, and to be paid a decent salary without sales/points justification, these folks will give good advice.
But the old Tied Office "push push" mentality is still there, now mixed with bank culture of flog, flog, flog-product is king. Follow the bonus trail all the way to the top.
If they haven't started, the banks should go to a fee for advice model on all advice scenarios, with a % of the fee to the advisers - say 65%. Encourage advisers to build a business the bank, and don't look at them as just another talking head flogging their products.
Should be a no brainer. But those management bonuses, based on production, replicating the old tied agent industry some of us experienced, is too ingrained.
Management has snouts in the trough. An easy way of counting those nostrils is to count the management types on the annual conference tour.
Better still, separate product from sales, industry wide.
Where has common sense gone? Bill Brown can see it, in the eyes of a normal person it is not ok to place clients into high risk products without their knowledge or authorization. It is also not ok to blatantly lie to their clients and make false and misleading statements. You don't have to train advisers that it is not ok to do these things. Start on why this is allowed to happen in the first place.