net flows are positive, so this is not where hub and netwealth...

net flows are positive, so this is not where hub and netwealth are taking share from. The $12m loss is an accounting loss, writing off Linear software in one hit. Clean year this year. Once they've migrated everyone on to the one platform, profitability will improve modestly. Looking like around $2m a year profits once things settle down, not enough to excite the share price greatly but at least they are comfortably cash flow positive and building cash. No corporate tax to speak of remember for many years. With $15bn of FUA, seems to be very fine margin business on a lot of it. FUA seems out of whack with mkt cap. Still plenty of work ahead for the CEO to improve the efficiency of the business but the ship has held together and making some headway.