Its not so much a case of big vs little, its more a case of vertically integrated vs non-aligned vs truly independent. I know plenty who work for the banks and while you'd think the cost of business for a large firm should be less, theres middle management everywhere that need to justify their salaries and take a clip every step of the way.
Gradually the market will move to being completely independent (no commissions, no stamping fees, no payments from product providers at all etc). First step towards this is the movement towards being 'non-aligned' (not being associated with a product provider) or having your own AFSL which people regularly misinterpret as being independent.
I definitely think it was the right move for intiger to target the larger firms to get a larger network onboard to generate revenue.. I do wonder if they will provide any commentary on that strategy though considering the larger firms will now begin to crumble/offload.
I mean as far as I am concerned, if AMP were a small practice they would have their AFSL taken away for the practices that have now been publicised. Hopefully the gov actually does something about it.
IAM Price at posting:
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