Vertically-integrated advice model can workBY ALEX BURKE | WEDNESDAY, 25 MAR 2015 12:35PMDespite recent controversies, vertical integration can work if implemented properly, according to Australian Bankers' Association chief executive Steven Munchenberg. Related News |
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"He would say that, wouldn't he" ( Mandy Rice-Davies on John Profumo )
My mail is that the banks are gearing up to replace bank-based advisers with Robo Advice, with products being sold on a General Advice basis.
They will sell their bank owned distribution (sorry, I mean dealers ) because they cannot control the liability for poor personal advice. There is indeed a limit to the cheque book.
That's why Trowbridge is so good for them-reduce commission outlays for the IFA advisers, but only in the short term (according to Simon Swanson).
And banks are ONLY interested in Short Term shareholder value.