I have just listened to the webcast. Some comments
a) Shadforth acq and Perrenial divestment have driven the excellent numbers. Without these it would have been relatively flat. So well done IFL in managing the business.
b) IFL are looking to be part of the consolidation of the industry. The comment was made that the industry is still fragmented and some industry participants are sub scale. The Bal sheet supports IFL being able to participate.
c) The comment was also made that there are high barriers to entry due to the Fiduciary requirements.
d) The purchase of Shadforth has helped to diversify earnings (slide 12) between platform revenue and advice. (There are not as many eggs in the one basket)
e) There are only 3 players in the Trustee Services. I am aware of IFL and PPT. Does anyone know of the third.
f) Cost to income ratio has fallen by 4% driven by increased revenue from Shadforth, and integration synergies keeping costs flat. This is an excellent result.
g) slide 23 - IFL is beefing up it's advice (experiance) as the complexity of retirement drives people to seek advise.
h) IFL are not planning to have an annuity product due to i) capital requirements and ii) no govt driver.
Again, a good result.
HT1
IFL Price at posting:
$8.02 Sentiment: Buy Disclosure: Held
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(20min delay)