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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ASIC has banned Brett Newbound of Victoria, a financial adviser and the sole director of Freedom Wealth Services, which has subsequently lost its AFSL.
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Brian Redican
CHIEF ECONOMIST
NEW SOUTH WALES TREASURY CORPORATION
NEW SOUTH WALES TREASURY CORPORATION
What makes an economist an economist? TCorp chief economist Brian Redican reflects on over three decades of navigating Australia's economic cycles. Riddhima Talwani writes.
"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.