A nothing update except to set expectations which I hope the CEO...

A nothing update except to set expectations which I hope the CEO now delivers on. There are no numbers in this update just positive holding statements. Experienced CEOs know that it is better to under promise and over deliver. This is an update made by a management team that is either (1) about to shoot the lights out and over deliver on the update or (2) is under pressure and feels they have to say something for the sake of promoting that they are doing something.
The Madison acquisition never made sense, CIW is a funds management business and yet most of the new team come from dealer groups. It’s a big call to say Madison will grow adviser numbers when they are late to focus on this and up against some tough competition that have stronger value proposition. Most good IFA type advisers have moved to separate product and advice so Madison is looking to grow with the wrong model in place, ie they are vertically integrated.
NPAT attributable to shareholders is the only number that matters and this hasn’t been moving for some time.
It will be interesting to look at key numbers at 30/6 - NPAT attributable, FUM and adviser number growth and increasing earnings for Madison on the back of this growth.

Something tells me there will be more talk of transformation, pipeline growth and other management initiatives that deflects from anaemic NPAT.