Team, It's been a while since I've posted on HC (have been busy...

Team,

It's been a while since I've posted on HC (have been busy with 9-5 work and trading indices/FX) and have almost forgotten my IAM holdings (umm...not really).

So much has happened over the last few months (good, bad and ugly) and I have read all posts in the IAM thread reflecting these views.

My personal take:

• NAB Summary of Understanding wasn't executed that well. I still have confidence in the business, but I'd be lying if I said I was happy with the way this good news was delivered and handled. I think management have learned their lesson and it's time for all of us to move on.
• Mark Rantall leaving is a shame. However, I think he did his job in setting up the governance, building relationship with NAB (and potentially a few others) and probably only ever mentally committed 12 months before moving onto something else. The market also reacted neutrally to this.
• Sentry trial/pilot expanded. This was good news for IAM despite the various negative spins that could be put on it. Looking forward to hearing more as I’m still personally confused on the practices vs licensee numbers.
• Operational update – looking positive with expansion plans implemented ahead of the curve.
• Quarterly revenue. Still hovering around the $100-$200k pq mark. This is a good sign of consistency in their cash flows rather than lumpy and volatile income streams. Like most others here, expecting more in June/Sep.
• General industry update - the usual changes occurring and regulatory burden is still weighing on advisers and their practices. Large banks are still struggling to meet their ambitious targets (red ocean due to competition). Federal budget due out soon which will also be a catalyst for more advice and SOAs. Still no huge threat by robo-advice or any other technology start ups or incumbents. Healthy competition from Rubik, Iress, Midwinter who are all developing their own faster SOA automation tools (e.g. Provisio)

Investor Seminar:

The reason for this post is to encourage those with any questions who can’t make it, to post them on HC and I will endeavour to ask the management team at the Sydney event on your behalf.

I look forward to reporting back here on the evening of the 9th May.

Bodhi_Trader
Q&A ready.