Well maybe they need a disclaimer something like: "We aren't going to tell you the full story. You have to be an industry insider and then you will get a fair idea from our quarterly FUMAS as to what is going on. Otherwise - what do you expect? (raspberry)"
Raspberries aside, this is a more constructive way of being critical, so fair enough.
Looks to me like most of the new dealer business is advice business at 0.12%, and probably that is what further business will be. And then deduct something for onboarding them.
Can you specify your source for the 0.12% figure?
For benchmarking purposes, IOOF's FY2017 UNPAT (i.e. net of all costs, not just employee expenses) from Financial Advice was 0.14% of the corresponding average FUA for the year (see 2017 Annual Report, page 7). So, in comparison with that, 0.12% for a new dealer group looks a bit low to me.
Cheers
Ann: FUMAS for period ended 30 June 2018 and ANZ Wealth update, page-28
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