Business Services Industry
Westpac's BT Wrap rocking the boat.
Australasian Business Intelligence, February, 2007
Byline: Alan Kohler
Feb 27, 2007 (The West Australian - ABIX via COMTEX) -- Financial planning wrap services contain a growing number of conflicts and exploit users. By February 2007, wraps, which are often rebadged and distributed to financial "dealer groups", are also being used to generate a percentage fee return for a process that incurs a stable flat rate. The wraps provide a limited number of managed funds, many of which have purchased a "premium" position in the wrap, which do not necessarily reflect the obligation to provide clients with the most suitable or best funds. There are tax and administrative benefits in investing through them but there is no justification for charging a percentage fee for a wrap, and wraps can channel business through...
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