Government reviews suit Perpetual: Deverall
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Perpetual managing director David Deverall believes the current scrutiny of the financial services industry will play out in his company’s favour.
Deverall said Perpetual strives to be “the supplier of choice for financial advisers targeting mass affluent and high net-worth investors”.
“We believe the current scrutiny by Government inquiries such as [the Cooper Review] and [the Ripoll inquiry] regarding the quality of advice and conflicts of interests serves Perpetual well in this regard”.
Deverall believes the outcome of these reviews will be that “advisers will need to offer their clients the best products and services, rather than the in-house offering demanded by head office or the one that pays the most commission”.
Perpetual owns a number of financial planning practices in its Private Wealth division, but does not have a large, tied distribution force as many of the large funds management companies and banks do.
Deverall was speaking at Perpetual’s annual general meeting in Sydney yesterday.
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