Ann: Investor Presentation - FY 24 Results, page-23

An interesting side note:

CAF/WTL/SEQ have all reported big revenue increases in their licensee services areas. They (usually) take a % of revenue the advisor makes in return for this service (along side some added extras)

SEQ for example reported a 26.3% increase in Licensee Services revenue with a sub 10% growth in adviser headcount (just above 5% from memory).
Similar story at the other Licensee services companies.

Given FID already have very profitable FUM/FUAdm, this just means the advice business will be much more profitable in FY26 (and potentially ongoing if revenue per advisor remains elevated).