If this is correct and their Platform Cost Base is 64 BPS (give or take) then they are toast. The next gen platform space's pricing is a 1/4 of this and that includes their profit margin (albeit skinny) and many of these are far more technically and feature advanced than North.
Old incumbent tech reliant on layers of adminsitrative staff just wont be able to compete in the go-forward - especially in a world where Client Best Interests duties are now legislatively required to be adhered and are the underlying governing pricinciples in the issuance of advise - just take a look at the latest FASEA exam and the overarching recommendations of the RC.
Ann: Dividend/Distribution - AMP, page-28
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