I think you would be surprised how much cash is sitting on that platform. I'm told by very reliable sources there are plenty 100's+ of customers sitting on cash balances above $250k. Part of what you're alluding to is a moot point, customers don't need to hold a cash balance as they have instant deposits, so if they spot a good buying opportunity they can transfer it straight away. On the reverse it's 2 days to get the cash out so that's the pain point not getting it in.
my view is there was a distinct lack of detail in this results, no breakdown on where the trading revenue comes from nothing mentioned about the Advisor platform and its performance or lack of. Additionally when they talk about active investors "clients that have a portfolio or cash balance" it's a bit of a moot point as the entire commercial model is based on clipping the ticket on $9.50 trades, not FUM.
Would love to know what active traders looks like, how many customer have placed trades in the last 30, 60, 90 days because that's the real barometer on how they're traveling.
I'm perplexed at the cheering for minuscule NPAT that's been driven by interest earnings from customer money which they have no control over.
lastly I could not tell you what they're burning marketing dollars on, I've not seen or heard a single Ad campaign in months, can't say the same for superhero, stake, pearler and some of the others like IG and CMC even plus 500
Dan I know you are a staunch defender and bullish on selfwealth, in my view they're not showing any maturity when it comes to running a software and marketing business and at its core that's what this is.
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