Only 2k customers added last two months in the quarter (was 327k at end April according to micro caps presentation). There's been a bump early July but atleast some of that is attributed to the Drip referalls which is a one off.
Net flows only 46m, down ffrom 60m (would've hoped some tax-year end rush from super accounts).
Super accounts really are the key do drive long-term sustainable AUM and increase ARPU, but 500-600 accounts per quarter isn't going to move the needle. Would be good to see some acceleration in this channel.Growth rate has been flat.
I still like managment, product, postiive cahsflows (for now), and the valuation, so will buy if further weakness, but it was starting to look like both a valuation AND growth story, let's hope this quarter is just a one off! And of course at any point this company could get bought out ($1+ based on recent comps), so there is upside risk there.
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