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ANZ, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
nipper
post Posted: Sep 12 2020, 08:02 PM
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ANZ .. wealth management

As James Dunlop, ANZ Private head of investments and wealth, tells it, the bank selling of its insurance arm to Zurich and its advice arm to IOOF, was one of the best things that could have happened.

Freed from the shackles of vertical integration, the private bank and high net worth advice arm of ANZ has been able to pursue a best of breed model, installing the product agnostic Netwealth as a default platform (which costs just 15 basis points per annum) and concentrate on delivering for the client.
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It creates a good environment for people to work in, they are not the distribution business they were historically, Dunlop adds.
Costs at ANZ Private start at $6000 for statement of advice and average about $12,000 per annum for ongoing advice. The business has about 6000 clients and 350 staff including 100 bankers and 35 advisers. It also draws on the expertise of 16 staff from the chief investment office within the bank.
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If you are spending 75 per cent of your time talking to clients, you have to accept you are not the best stockpicker or fund selector, so having a robust chief investment office is really important, Dunlop says.

ANZ Private targets clients with investments and debt of $3 million. All members of the adviser team have completed the FASEA exams or will soon. Dunlop agrees that the wholesale or sophisticated investor classification reduces the compliance burden by as much as 75 per cent but says the bank doesn't have a preference for one over the other. We are of the view that just because you have a lot of money does not make you wholesale, he adds.
The division itself is not much of a rainmaker for the business either, Dunlop concedes. While describing what ANZ Private does for the bank customers as a core offering, its contribution to the bank bottom line is almost negligible, which should give clients some comfort they are not lining someone else's pockets. Delivery of advice is not a profitable section to be in; we are an ancillary service that probably breaks even, it is certainly not the game in town if you are looking to be making a huge amount of money, Dunlop says.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
plastic
post Posted: Mar 10 2020, 11:11 AM
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In Reply To: plastic's post @ Mar 9 2020, 06:37 PM

Does anyone think those bail in laws might be used if any of the banks declare themselves insolvent?

All those get rich quick property speculators might have to pay the piper in the end if they have their profits in the bank after getting margin called on this latest round of market turmoil.




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What did Uncle Mel do to us?
 
plastic
post Posted: Mar 9 2020, 06:37 PM
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Today's developments and those of the last couple of weeks must be doing some serious damage to those capital leverage ratios. Especially when they are in need of fresh capital as they are in NZ. One can only wonder what comes next.



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What did Uncle Mel do to us?
 
plastic
post Posted: Feb 18 2020, 03:44 PM
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Could've been Australia. Could've been the UK. Or Italy....according to Trump. But he doesn't mention NZ even though NZ is in the Five Eyes and JK counts Obama as a good mate on and off the golf course. Six degrees of seperation. Hey, John. Need a favour. GS is putting the acid on for something on Trump. Can you just.....
It's well known JK was donkey deep in the spy agencies.

https://twitter.com/45HarisonHarold/status/...591987369709568
Guess we will find out soon enough. Q says its game over.

https://qmap.pub/




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What did Uncle Mel do to us?
 
plastic
post Posted: Feb 15 2020, 01:28 PM
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John Key when PM of NZ played it hard and fast with the spy agencies while being very good mates with Obama. Wonder if he is going to get caught up in all of this. Including the outsourcing of intelligence gathering through Five Eyes. I doubt that he will. More likely someone else gets thrown under the bus.

https://twitter.com/axiomreport/status/1228506448893603841





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What did Uncle Mel do to us?
 
plastic
post Posted: Dec 5 2019, 11:09 AM
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Margin call by the NZ Reserve Bank.



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What did Uncle Mel do to us?
 

Featured Stock Stories





nipper
post Posted: Dec 5 2019, 08:22 AM
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In trading halt. Time for a confession??!



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
plastic
post Posted: Nov 30 2019, 12:19 PM
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And this will make its way to the surface at some point.
https://www.zerohedge.com/economics/china-b...wned-enterprise

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Something is seriously starting to break in China's financial system.

Three days after we described the self-destructive doom loop that is tearing apart China's smaller banks, where a second bank run took place in just two weeks - an unprecedented event for a country where until earlier this year not a single bank was allowed to fail publicly and has now had no less than five bank high profile nationalizations/bailouts/runs so far this year - the Chinese bond market is bracing itself for an unprecedented shock: a major, Fortune 500 Chinese commodity trader is poised to become the biggest and highest profile state-owned enterprise to default in the dollar bond market in over two decades.





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What did Uncle Mel do to us?
 
plastic
post Posted: Nov 30 2019, 07:01 AM
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How much longer before banks lose their relevance and power? New platform or not.
Here's whats happening in Germany from one blogger. If it can happen there it can happen here.

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Negative interest rates are arriving in German banks for private accounts, increasingly starting at 1 Euro deposit. All the outrage. Investing in stocks is said to be 'speculation' (a bad word)+only for 'the rich'. W/ attitudes like this, Germany will soon become irrelevant.





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What did Uncle Mel do to us?
 
nipper
post Posted: Nov 25 2019, 10:58 AM
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ANZ is quietly building a new Banking Platform

https://www.itnews.com.au/news/anz-is-quiet...platform-534394

... Five months into what could be 2 year project.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  henrietta  
 
 


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