IOOF is set to buy SFG Australia to take consolidation in the financial advisory industry one step further

John Robertson

PortfolioDirect

IOOF is set to buy SFG Australia to take consolidation in the financial advisory industry one step further. The founders of SFG used to pride themselves on their customised service offerings for clients but their personal wealth has depended on them achieving economies of scale through minimising product diversity. Maximising reproducible earnings that can be capitalised and sold has become the objective. Those following this course are adamant there is no conflict. They must have found the magic pudding. Like waves of consolidation in other industries, it is always too late to unscramble the eggs after the effects on consumer choice become apparent.


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John Robertson is Chief Investment Strategist for PortfolioDirect a provider of resource sector investment stock ratings and portfolio strategies for mining and oil and gas investors. He has worked as a policy economist, corporate business...

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