On the other hand, it was those "parents" that provided the steady stream of customers with minimal effort required by the actual wealth managers. So having to compete might be more of a novel concept to those that are being unleashed by their parents, than to the likes of PPT.
In fact, wouldn't you say that those that were previously less vertically integrated, were previously at a greater competitive dis-advantage?
Fair point.
Ann: ANZ Wealth Management updated financial information, page-80
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