Last Christmas was the worst cashflow of the year due to seasonality, and I think ETF annual fees being paid then too. Plus it has the negative skew to cashflow (Dec having low trades, but the trades from the month of Sept being payed in Oct (Dec quarter), while the low month-of-Dec trades get paid in Jan). This year, I think the ETF fees will be spread over the year, so that will look better.
So I'll guess break even for the Dec quarter, then a strong cashflow in March ($1m+, hopefully).
Last Christmas, trades were only up 1% vs SeptQ (due to seasonality), and I think it'll be similar this year. Maybe matching SeptQ's trades, which would suggest underlying growth (since Commsec by comparison should have lower trades in DecQ).
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