Matthew Smith and Tahn Sharpe
The bank’s annual results also revealed net cash outflow of $3.968 billion from Australian wealth management, compared with $931 million net cash inflows the previous year.
The disintegration of the institutional wealth advice model is happening. The banks are announcing sell-offs, spin-offs and divestitures of their wealth management businesses.
The fall of Dover Financial Advisers could mean second thoughts for firms considering self-licensing or a second-tier licensee, Morgan Stanley’s Daniel Toohey says.