Key points:Non-AFSL holders increased from 300 to 329. (I was...

Key points:

• Non-AFSL holders increased from 300 to 329. (I was expecting this to decrease, but it increased.)
• AFSL holders [self-licensed] by number of firms remained flat at 229. However, the number of advisers inside those firms decreased from 1827 to 1743. So avg. adviser per firm is now 7.6.
• Management expenses are currently running at $28m per annum ($13.9m for 1H20) and revenue excl. grandfathered commissions is currently running at $25-28m per annum.
• So, THE BOARD will have to either:
• 1. raise "Annual subscription fee per service module" prices
• 2. GROW adviser numbers
• 3. Cut management expenses i.e. staff or pay

I don't understand why he kept referring to "Capital Management Initiative". That usually implies dividend or buyback.