FID General Discussion, page-5

This has multiple tailwinds now.

- There's the continuing squeeze on advisors which should mean the advice section is breakeven or profitable.
- Onboarding of more advisors and FUA as a result of franchise expansion and PCCU referrals
- Platform and FUM flows from advice that's still occurring from PCCU
- Overall market trending upward
- Auxilium now being offered outside of Fiducian
- Cost increases largely factored in (see 1H presentation/report), with headcount increases in the support/admin space

Should see those jaws widen as op leverage plays out once more.