Sorry I'm out today. The only thing they have going for them is the $10m in the bank which is slowly getting eaten away. The transfer from Open Markets to FNZ will be a nightmare. To transfer that many accounts across and not expect any hiccups is wishful thinking. Now they have reduced their marketing so getting new clients will be very difficult as we operate in a time where everyone is very nervous about what the future of the markets holds for us all, thereby making it even more difficult to generate some decent revenues. This is all compounded by a very high operational cost that makes the future even more arduous. They have no strategy with a business model that clearly cannot pay for itself and it is only a matter of time before ASIC say you can't scrape interest from clients accounts and you're done. Looks like I will be signing up for Marketech which has the same $10 brokerage rate or Stake which is $3,but the platform needs a lot of work to be good.Commsec is rubbish and they charge waaaaaay too much.
SWF Price at posting:
19.5¢ Sentiment: None Disclosure: Not Held
