The incoming CEO from all reports has some ability but he is...

The incoming CEO from all reports has some ability but he is being paid an absolute monster salary. He has a big job to turn this company around.

Inflows are key - revenue is irrelevant, profitability is irrelevant. The name of the game is inflows. If XPL can start to add significant inflows - in the order of a couple of hundred million per quarter NET inflows then the market will re-rate the stock.

But this is a big ask as there are some very powerful competitors such as Macquarie Wrap, BT Panorama, Netwealth and Hub24 and a number of smaller niche players like Wealth02 and PowerWrap which are also gaining some momentum. it is very hard to compete with these guys as they have excellent technology and significant market penetration.

XPL needs to do something radical in the platform space - if they continue to do the same thing or try to take the big boys head on then this will not work. The changeover to a capable CEO, as long as he is allowed to manage without interference from Directors, could be the change that is needed. The next 3 Quarterly announcements will tell the story from an inflow perspective.

It is all about inflows.