Ann: Changes to Selfwealth Board, page-43

Institutionally, I am not sure to be frank.

HNW and advisor networks, absolutely. The more I read about FNZ, who were noted in the last 4C announcement as replacement for open markets, the prospect of SWF pursuing these other market segments looks more real.

From the 4C
"FNZ’s platform technology delivers a broad range of end-to-end digital capabilities to wealth managers, and the cloud based IT infrastructure is designed to drive performance and build scale"

"Selfwealth continues to explore new brand partnerships, automating marketing campaigns and leveraging tighter customer targeting of high value customers to drive trading revenues"

I don't know what the full capabilities and offerings that FNZ bring to the SWF table. But I am hopeful that it will help SWF achieve a much larger penetration beyond the ~8% of the retail broker accounts in AU. But it certainly seems to point to advisor and HNW wealth management.

MJB