Solid result from FID, page-17

The macro financial environment for FID is very favourable. There are a lot of financial advisors leaving the industry following the Royal Commission and the new minimum standards of training and qualifications required to continue to practice.

The investing environment is getting tougher to navigate. The pump priming of economies with central bank cash is creating great uncertainty with asset valuations and capital allocations. How do you ration capital when interest rates are so low. How as a retiree do you generate a relatively low risk income stream when bond rates are so low.

The need for a trustworthy advisor has never been greater. FID is well placed to service clients and is of a scale to grow EPS consistently. For me growth in EPS is the holy grail as it ultimately flows through to a increase in share price.