In NZ, I doubt to see any reason why. Full brokers are still popular in the US (ie your Goldman, Fidelity, Schwab, etc) but for different reasons. They typically attract large HNW customers as those customers want action in IPOs where the discount brokers are generally exempted from participation in the primary markets. For any person with significant wealth in the NZ share market, wanting a full broker here, I doubt any IPO would be their main reason for choosing. NZX liquidity is small so anyone with 5 or 10 million that wants to squeeze 10% gain out of an allocated IPO can not simply do so by closing their position. Such large balances usually takes weeks to do and a lot can happen during that period.

On a different topic, how about those Naked Brands shares where the company all of a sudden wanted to be an EV maker (Cenntro - CENN)? Word I read is shareholders in NAKD had lost nearly 90% of their investment if you held since the meme stock craze over a year ago. This is what you get when you choose NZ companies.