Ann: IOOF to acquire Bendigo Financial Planning Book, page-5

Thanks for explaining the deal in simple terms.

I remember when financial planning business's were selling for 3-4 times revenue, only around 10 years ago. It just shows how much value has been destroyed in the industry over the last decade, given you estimated this latest deal at 1 times revenue. In fact many dealer groups offered buyer of last resort for their associated planners with guaranteed purchase of the planners business for usually 3 times revenue. I think AMP still has this BOLR which has created concerns for AMP, that if all their planners left AMP group they could have around $1.5 billion liability to buy all the planner's businesses.