Talk about inheriting a ball and chain when acquiring PIS (yes, it stands for Professional Investing Services)! It was anything but professional judging by the claims still being settled...some $6m provided for in FY18 knocks the guts out of the years efforts...a statutory loss of $6.3m. Thank God for the statute of limitations, it (hopefully) will staunch the claims losses going forward., but FY19 will be a flat year, I feel.
A fairly banal "Operation Refresh"...almost comical...business coaching, indeed! How many would be professional consolidators have made a mess of this one. Fact is, you cannot be all things to all people.
The market has judged the new plan as rubbish and I am not sure whether my strategy of investing in CAF to pick up some of the spill of advisors leaving the Big 6 is going to play out. But I will wait. Let's see what the RC findings in Feb next year are all about. By then the "Benbow plan" will be starting to unfurl or flop.
CAF Price at posting:
24.5¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)