Pinned straw:
Potential legacy issues, yet to surface, keep me leery on the wealth industry.SEQ has demonstrated this.
Also, and it’s just an unproven feeling, the Baby Boomers (of which I am one - Go the BOOMERS) have an aversion for paying upfront for financial advice. We were seduced by the pea and thimble trick with life insurance for so long we thought advice was free. Then we think, ‘I can do this myself’ - and I do have a few mates who have blown up their Super.
SMSF costs me $6k a year, which I regard as statutory BS, particularly the audit statement. Still it does introduce an element of guide wheels and structure. But won’t prevent a free wielding cavalier from investing in Nigerian War Bonds.
As I understand it 'private wealth' is the big thing in the US now through consolidation. Financial advisory practices are now trading at above 10X EBITDA on the regular following private equity roll ups.
I could be wrong, but I don't think the Expand platform is what attracted the bid, albeit it would've been a consideration.