Moving on, page-170

Agreed @Sector there is some competition out there however I think one of the things that sets IAM apart from my looking around is the scale of business. Most of these other operations are very small scale and seem to be employing just a handful  of paraplanners which quite frankly wouldn't be able to handle the type of volume that IAM is striving for. Obviously I can't speak for every single one as I doubt I even know them all. I don't think all IAM holders are under an illusion there is absolutely no competition out there the way some of you post as personally I'm quite aware of other operations but feel there's still a good risk/reward play here.

I'd heard of Clique in the past and while this article is outdated (mid 2015) unless they've massively expanded and changed their business model I just don't see how they could be seeking out larger clients.

http://www.financialobserver.com.au/articles/soa-firm-morphs-into-clique-paraplanning

Key part is this:

"The Clique team consisted of Topham and two contractors, though he said was looking to take on one or two more staff in the next couple of months. “We’re looking to start advertising for the two paraplanning positions in the new financial year,” he said, adding Clique operated under a very “document-focused paraplanning” system. “We’re largely focused on creating SOAs, however, we do records of advice, some document reviews – it’s really all focused around document [creation], which is how we’re more effective and efficient.”

IAM has been opening whole new offices and adding considerably more employees at a very fast rate which very much suggests the scope & scale of the business is very different. This would of course make more sense given that IAM has come to the market which provides them easier access to the type of capital required to scale up in a more meaningful way.

Another example of the scale up is on their very own facebook ...

The positive there is Clique is experiencing growth and higher demand but advertising for just a single employee is very different to the ramp up going on at IAM.

Some other areas I think that potentially sets IAM apart is the training to Australian standards that their employees are undergoing. Obviously they want them all fully compliant so the larger licensees can approve them with confidence for their practices, I actually didn't see that as a selling point on any of the smaller start ups who have focused pretty much purely on cost reduction. Doesn't mean they haven't done so of course but I think it's a very important part of IAM's business model. I guess it's kind of like the confidence that can come with branding once a business is established, you know the standard of product etc.

In any case this is just my thoughts, ultimately I'm just waiting to let the numbers do the talking as from there I'll either buy more or sell out if I'm unhappy.