OPINION: The exit of the major banks from wealth management might have been smart politics, but it has left far too many Australians without insurance or advice.
widely acknowledged over-regulation of the sector
But it is understood that within banking boardrooms some are voicing a sense of loss about the retreat to lending and deposit-taking and mantra to simplify their businesses.Some feel there is a moral imperative for financial institutions to provide financial advice. But there is also the commercial temptation of lifelong patronage and annuity-like income that comes with wealth management – which is why they were tempted to add on these thorny services in the first place.
Asked by a Summit delegate whether he could consider a return to bancassurance, National Australia Bank chief executive Ross McEwan stuck to the simplification mantra of recent years. But the so-called “Wexit” of the banks has also left the nation worse off, with almost 90 per cent of the population now receiving no professional advice about their finances. About 100,000 individuals stopped receiving advice in the past 12 months alone, as the median costs escalated another 8 per cent.exit of Commonwealth Bank, Westpac, National Australia Bank and ANZ
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