Looking to break $1, page-13

The CF business model is fixed fee based.

This structure is considered the most unbiased form of advice and freeest of remuneration conflict.

Although this may be true the downside is that also offers the least leverage to markets and the least return to owners. You are correct in that to grow income, adviser numbers need to grow to generate license fee payments and licensee income share.

I am more attracted to the Accurium business which is a very propfitable and scaleable volume based actuarial business. The downside to this model is regulatory risk.

There are no free lunches in any genuinely professional fee based businesses hence PE ratio can never really expand beyond low double digit range.

The flip side of that is revenues are very sticky if the various business units stay together.