Always amusing to see the doom and gloom around falls in basis point margins while at the same time increasing revenue per account. In a tiered fee structure increasing account balances (a sign of HNWs increasing confidence in the platform) will do that, it’s just maths, so difficult to decipher actual fee compression from natural evolution of the book.
Netwealth’s rate card has always been skewed towards lower account balances, so I see they’re just rectifying this - again, watch impact on revenue per account, not basis points.
a great result and even better opportunity to top up as I did today.
News: NWL Netwealth Group Says HY Revenue From Ordinary Activities $58.7 Mln, page-6
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