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.
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This has multiple tailwinds now.- There's the continuing squeeze...
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