I did not explain the basis of my rough model as it would take some notes and time. But HAC30 we absolutely agree. Wherever the money is collected,you have to pay for distribution/sales. Advisers provide client services, advice and sale opportunities for which they are rewarded. The client can pay directly or be paid by the product provider or both but in the end they have to earn a living.
There is nothing fundamentally wrong with an integrated model.
and in the end it is the client who pays for everything - including compliance costs and remediation.
Without integration there here will be higher costs for clients with less than $200k or so invested.
Share price by Xmas 2019, page-239
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