It does certainly feel like there are too many brokers competing for Australia given our small population & that the sector is ripe for consolidation. Feel like someone like CMC should make an acquisition play for Selfwealth, bit more of a 'serious' platform than one like Stake.
I mean, it's crazy when you think about all the brokers when we're only a population of 26 million, and considering the much smaller percentage of that number who would have investment portfolios outside of Superannuation, these are all the brokers I can think of fighting for share of the pie:
- Selfwealth
- Superhero
- Stake
- ANZ
- Westpac
- Commsec
- NABTrade
- Tiger
- IBKR
- CMC Markets
- Moomoo
- WeBull
- eToro
- IG Markets
- Raiz
- Saxo
- Pearler
- Bendigo Invest
- Vanguard Direct
- BetaShares Direct
- St George DirectShares
- Spaceship
- Macquarie Online Trading
... and I'm probably missing some. Just ridiculous really, surprised there hasn't been more M&A activity to date.
SWF Digital Improvements, page-11
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