This transaction indicates exactly why I have been saying the ANZ acquisition is an absolute dog.
CBA are literally paying countplus up to $197.5m to take Count off their hands. Count has swung from a cash machine to being a loss making business as compliance costs have soared.
Value traps aplenty. Margins already squeezed and its about to get a whole lot worse as the RC recommendations get implemented. All of these vertically integrated financial planning firms face the same issues, they all have widespread history of flogging product/fees for no service instead of providing the advice clients need.
IFL Price at posting:
$5.50 Sentiment: None Disclosure: Not Held
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