Business
Big banks’ wealth exit may be short-lived – The Australian Financial Review
The banks are still in varying stages of exit from the troubled wealth management industry, but IOOF, Netwealth and Hub24 are already bracing for their return.
However, in the longer term, Mr Mota and other leaders in the wealth management industry are tipping the major banks will re-enter the market, as they have in other countries.
“If you look at the UK experience, what we saw was the banks fully exit but within 10 years they had all come back into the market but with very different propositions,” Netwealth joint managing director Matt Heine told the same panel event.
“They were very digital, direct-to-consumer propositions and there is no reason …
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