Ann: Update - Notification of buy-back - CUP, page-4

Oftea

i have to agree. Affinia was not an inspired purchase. I think they are two different groups. Affinia are more insurance advisers and the Count advisers would not view them as equals. Even if the groups were culturally aligned it is difficult to hold on to advisers when you are changing systems, aligning fee models and service offers and you have to cut support staff who have relationships with advisers. If there are cultural differences then adviser attrition goes to another level. Take a look at Wealth Today as an example of what can go wrong.

The Affinia deal confirms that management are bereft of any ideas that will add genuine shareholder value but they will get paid well until the Board work it out.