I just jumped back in - CSLA initiates NWL @ buy with PT of...

I just jumped back in - CSLA initiates NWL @ buy with PT of $8.78.

Big bank shift a boon for specialists: CLSA

The Royal Commission is a boon for specialist investment platforms as it will “put an end to vertical integration and conflicted remuneration”, CLSA says.
The broker has initiated research on Hub24, Netwealth, OneVue and Praemium today with target prices that are 16-48 per cent higher.
“We expect the removal of grandfathered commissions and shift of clients from big banks to financial-planning groups to drive long-term growth in the number of independent advisers, despite a potential reduction over the next five years,” CLSA’s Scott Hudson says.
“Financial advisers will need to do more with less, forcing them to utilise platforms that enable them to service more clients more efficiently, while offsetting the loss of trailing commissions.
“Specialist platform providers (SPPs) offer superior managed-account capabilities and appear best placed to service the growing demand for this product set.”
He said the boon would drive robust expansion in their funds under administration and double the market share of specialists by FY22.
“The wall of FUA flowing towards SPPs and their business-model scalability should offset revenue margin compression and boost profit growth significantly.”