Ann: ANZ Wealth Management updated financial information, page-46

Bellpotter has been saying about 25% of the acquired mysuper accounts have a balance of less than 1K, which means there's no way in hell there will be any money made from slapping any serious fees on these accounts

oh and rouhgly 25% of the mysuper accounts held by IFL are apparently in the same circumstance

@_5had0w_

Yes, I have seen that research piece.

So, assuming for the moment that BP’s figures are correct, let’s look at the numbers:

IFL’s MySuper # below 1,000$: 37,498 accounts
Existing flat annual member fee: 117$
Existing annual revenue: 117$*37,498 = 4.39m$
New capped fee: 3%*1,000$ = 30$
New annual revenue: 30$*37,498 = 1.12m$
Difference: 1.12m$-4.39m$ = -3.27m$

ANZWM’s MySuper # below 1,000$: 82,469 accounts
Existing flat annual member fee: 50$
Existing annual revenue: 50$*82,469 = 4.12m$
New capped fee: 3%*1,000$ = 30$
New annual revenue: 30$*82,469 = 2.47m$
Difference: 2.47m$-4.12m$ = -1.65m$

Total difference: -3.27m$-1.65m$ = -4.92m$

Therefore, it is a revenue difference of approximately 5m$ in FY21 that we’re talking about, or roughly 5% of FY21 forecast revenue; hardly the end of the world, I would say?