Ann: Initial Director's Interest Notice - Christopher Cuffe, page-5

I see the growth coming simply from the ballooning SMSF industry.

In other words, tailwinds from this industry will help Class. Class doesn't have to do much, even the board doesn't have to be full of bright people - as long as management is NOT incompetent, that'll do.

However, I tend to agree with you, it's a flat line with almost no value add. The only way profits will grow is if the industry and their client numbers grow, which I can sort of see happening in the next 5-10 years, though it'll be a slow slog.