M the other news item today that has far bigger implications for IOOF in my opinion is the APRA / ASIC statement to trustees around how they are policing fees. IMO trustees are going to tighten up the ability for IOOF to charge fees out of superannuation and that could have a dramatic effect on the revenue (the advice fee line that makes up around 40% of their total revenue) and therefore profitability. I bought IOOF for the post royal commission bounce because you feel the pessimism in the air at that time but i'm far from convinced that current earnings are sustainable.
Ann: IOOF to acquire Bendigo Financial Planning Book, page-6
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$2.86 |
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