Analysts have warned Australia’s wealth management platforms the battle for talent is threatening to erode their bottom lines, as Netwealth posted an interim profit result that disappointed the market on Wednesday.
The platform, which is used by financial advisers to manage assets on behalf of clients, reported a $27.5 million underlying net profit after tax and a $7.6 billion increase in net funds under administration inflows to $56.7 billion.
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Lucy Dean writes about wealth management, personal finance, lifestyle and leisure, based in The Australian Financial Review's Sydney newsroom. Connect with Lucy on Twitter. Email Lucy at l.dean@afr.com
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
