A flurry of takeover activity among the insurgents in the wealth platform space shows a market reaching maturity, the declining relevance of established players and the enormous unmet demand in the mass market advice.
Netwealth’s $785 million takeover bid for Praemium and Hub24’s $386 million bid for Class shows a wealth platform market striving for economies of scale as it becomes harder to win market share.
But neither deal cuts to the heart of the financial advice problem facing Australians with less than $2 million to $3 million in superannuation assets.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
