Let’s start afresh - it is about future price which is about current perception of profit, page-49

What I will tell you without going into specifics about a firm I'm quite familiar with is:

1. Financial planners over the age of 50 are generally glorified insurance salesperson (the type that sell to and charge dead people). They reminisce about the good old days and due to time in industry were always at the top of any "awards" just for "turning up"

2. They LIVE for the BOLR. It's everything to them. I remember before I left them they were talking about an EBITDA model and AMP buying into their book. Laughable.

3. The banking arm was ok although I hardly used them as I had deep relationships in private banking arms of the big 4 (and most of my stuff was commercial as opposed to Resi)

4. They would churn clients routinely on insurances. That's a fact. Something that wouldnt be possible going forward given all that's occured

5. Financial planners are ugly sisters of the financial world knowledge/trust wise (from my experience). Sorry to any financial planners out there if I offended. I might have just come across a bad bunch (and I used to think my corporate banking teams had there fair share of "Muppets")

The above being said I still believe that this business with the sale of the life/mature business component can actually position itself for growth OR become a takeover target (I believe the latter more likely - but maybe in 12 months once the dust has settled on the RC).