For the benefit of those who may do well to see a historical summary of our Podcasts, contained herein is a bullet-point summary for your perusal
Some Famous Podcasts from earliest-to-recent:
Mark fisher founder executive director of Intiger group limited
IAM Patrick Canion Chairman Business Update
Intiger Group Limited - Chairman ASX Teaser
David Goodwin, Goodwin Financial Services
Interview with Patrick Canion – Business & BooM Update
“Intiger’s aim is to cut costs and improve the current process but the unique thing is the scalability of this plan. They understand what financial planners need, they understand the legacy process from their own experience in the industry and they want to change the game.”
“For those who are second guessing themselves, please go back to the beginning read all the announcements, interviews and of course their business plans. After you'll be reminded of why you initially invest. For me nothing has changed, except more people are aware of this company…”(1) Anguyen83
PODCAST: Mark fisher founder executive director of Intiger group limited
SOLE provider to provide desperately needed solution for FP.
The ONLY entity with THE CAPABILITY to solve fp industry issues.
FP industry is aware of IAM now.
(ASX and overseas players are watching Intiger)
MOUs: MF cannot comment further on timing of signing; re ASX rules; however MF is- super confident & enthusiastic!
SENRTY Recognises Intiger is THE SOLUTION for The Fin Planning Industry. “ Fundamental Change".
Sentry CEO is very involved
Word of mouth, bottom up from fp-branches to Licensee ( HO) 9 MARKET DOMINATION
NO SALES TEAM required; Demand keep coming.
IAM fp Software solution provider
Offshore processing is ENORMOUS INDUSTRY (size) For e.g.; ANZ loan-processing dept. alone, has 7000 employees in offshore/outsourcing
”We Create it. We Own it. Will be BIG Entity”
Long Term. Need Best People ( PC, MR, CTO, etc.).
HR capital +Software + Technology
WA iPAC = Best FP Award = Endorsement = Validation
Goal is to be the “DOMINANT Force” Always ahead of any other player. (ie, No foreseeable competitor)
Focus Now is Australia fp market
Overseas fp players are approaching Intiger for solutions; but not a priority atm, (re USA, Canada, UK)
GROWTH in Australia is the word
Shareholders are owners of IAM.
SHHs interaction is A Priority re Patrick C. interaction
FUTURE Strategy Create a Business Dynasty. Long Term. Think Big. Has the Capability to achieve it. Challenges ahead like all business have ups & downs “You are on the Right Train”
Building Intiger is driving MF life. His passion. No need for a car. Live and sleep Intiger! (2)
significant growth in new practices and licences engaged with the rate of growth this quarter is significantly higher than previous rate of growth in the past 2 quarters
Over past couple of weeks 1 of Australia's largest financial institutions started approving their practices to start using IAMs services. The top 2 of the practices within this institution have started sending work to IAM. They are both significantly bigger then PCs firm with 30-40 advisors in them. (4)
The Chair of Intiger - who is also the CEO of an award winning FINANCIAL PLANNING firm, comments - in regards to his company which provides services to FINANCIAL PLANNERS -
this quarter, some significant growth in our actual cash receipts, and our revenue
engaging and appointing new practices as clients, literally, every week
expect to be cash flow positive later in this year
significant increase in the number of processes and the number of statements of advice, the number of new practices that we’ve signed on, and the number of licences that we're engaging in. All of those are growing at a rate ahead of our business plan
the rate of growth, this quarter, we'll expect to be able to report, is, greater, than the rate of growth we've had over the last two quarters"(5)
We’re seeing, this quarter, some significant growth in our actual cash receipts, and our revenue
We would expect to be cash flow positive later in this year
Significant growth and engagement in new practices and licensees
We are engaging and appointing new practices as clients, literally, every week
We have seen a significant increase in the number of processes and the number of statements of advice, the number of new practices that we have signed on, and the number of licensees that we are engaging in. All of those are growing at a rate ahead of our business plan
The rate of growth this quarter, we'll expect to be able to report, is greater than the rate of growth we've had over the last two quarters
During the recent weeks, one of Australia's largest financial institutions started approving their practices to start using IAMs services. The top two of the practices within this institution have started sending work to IAM. They are both significantly bigger then PCs firm with 30-40 advisors in them
Continuing to develop and upskill existing employees
Opened an office in Sydney
ETA for the Portal
Working to have Portal operational “before the end of July”
News due soon
Will have an Announcement shortly on another senior appointment, who will be responsible for meeting with clients, and doing the face-to-face engagement and rollout implementation of our services in those practices. (6)
PODCAST: Intiger Group Limited - Chairman ASX Teaser
Release/Launch Date of Portal by end of July, latest 1st week August
Timing of release nothing to do with not working, rather it's co-ordinating with marketing.
They are no working on completing the supporting material, aesthetics, marketing and PR of the Portal.
Intiger want this all correct and to have clients happy with the Portal.
The Portal is easy, straight forward.
Any financial planner can order any back office system work (such as SOAs)
Guaranteed fixed price
Guaranteed turnaround time
Pay as you Go/Need - Put your order through, takes you to your PayPal, pay through PayPal/credit card and done, you know your order will be back in "X" time guaranteed and it's very precise.
ASX announcement will come first when the Portal is launched, with a link to the portal for shareholders and potential users to have a look.
Orders can't be placed until all required information is provided by the financial planner.
Planners can audio dictate file notes straight into the Portal System.
Planners can have sections of the form orders emailed to clients to fill in if needed and they do it online.
Quarterly
Patrick is Happy!....Because.... They Reverse Engineered what sort of Revenue Intiger and more so Mark Fisher need to achieve with the sort of margins to reach those Performance Milestone targets of cumulative NPAT by 30 June 2019: $1mNPAT $4mNPAT $11mNPAT $40mNPAT
Didn't go into specifics but as in previous interviews and re-affirmed in the latest, the margins in their pricing are there for Intiger to achieve all four milestones.
They worked their way back from 2019 the Percentage of revenue Growth to achieve M1-M4
Margins & growth aren't going to be linear over the next couple of years.
They know the Minimum revenue Growth Rate needed each quarter on quarter and This Quarter they have achieved that.
Still on track to achieve M1-M4 despite what "experts" with no knowledge of the business continue to say they won't purely base on their "opinion".
Intiger to provide an Activity update with the 4C or maybe a day before, they are still working on all of that.
Patrick is happy with the Cash Receipts.
Going Direct to Licensees and Practices is still important to Intiger.
Referral system now in place with some firms, which is good for both parties.
Intiger are billing clients with a profitable margin.
On Target to achieve their Goals (i.e. M1-M4)
More Processes Completed
Experimenting with some pricing and packages: - Currently clients order process by process.
Interesting thing - Patrick's words - Some just order the SOA
Intiger wants all of their business
Looking and trialling different pricing and packaging strategies which are all inclusive of margins to achieve M1-M4 (no loss leading). Just to see if they can accelerate the percentage of total administration work that Intiger does for each practice, rather than the practice still doing some of the work.
Client Reactions
Reaction 1: (I see this as the least adaptive and wanting to change, struggle to stay in business/grow) If they move all of their admin work to Intiger, they have to re-train people for other positions or let some people go, which some don't want to do. So they just send their current outsourced work to Intiger and reduce costs.
Reaction 2: (Progressive with the changing business world and the world itself with technology) IpacWA - Patrick decided for his practice; let's change the business around, keep the people but have them do more productive work that benefits his business.
Reaction 3: (Progressive and forward moving as a business) THIS IS GREAT! I'm going to make all my back office staff redundant, bar one and send everything to Intiger.
Intiger are keen to show businesses how they can adapt their business to keep quality people but have them do more productive work.
Intiger are looking to introduce pricing packages that encourages business to send greater amounts of volume of work, that's fantastic (Patrick's words)
Intiger are helping practices & licensees with adapting to the changes coming to the financial planning industry and with the change to using Intiger's services, which some find the impact of change in general a little difficult, but Intiger have observed this and are helping with that.
Patrick said he's interested to do another Podcast interview likely in a month after the Portal Announcement, Quarterly. (7)
PODCAST: David Goodwin, Goodwin Financial Services
“The interview was a great listen after the disappointing quarterly. It really highlights a few key points and I still think IAM will do well for the patient investor over the next few years.
GFS are clearly one of the larger Charter (AMP) practices with 6 advisers.
Like most FP businesses, they would be looking for several key objectives to be met with their compliance work:
timeliness - the quicker the better
quality - if documentation is accurate, less time and effort has to go towards correcting any errors must meet dealer group compliance standards
lowest possible cost for this function
Timeliness
David confirmed Intiger's turnaround time was 3 days for advice documents vs his past experience of 6 to 10 business days. I'm aware of other practices where 10 to 15 business days is the norm. He did also reinforce the issue of that initial process takes a little time to bed down, so this might slow the initial uptake via the portal somewhat.
Quality
David confirmed that the quality of Intiger's work was of a very high standard. He made mention of this a number of times. This was one of my key concerns - that Intiger may be faster and cheaper than the alternatives, but might lack in quality of the finished product. David put those concerns to rest. David confirmed their business had been utilising Intiger's services via the portal for the last 3 months, so obviously it works OK.
Dealer Group Compliance
Within AMP aligned dealer groups, more and more decisions are being made across the entire AMP network, rather than just a single dealer group such as Charter. Given iPac WA/SA and now GFS are able to use Intiger, clearly AMP are comfortable approving Intiger for use within their dealer group channels. The portal going live will now allow more practices within the AMP network (Australia's largest FP network) to use Intiger for their compliance work, without any major announcement from Intiger that some form of agreement has been reached. From an advice and documentation viewpoint, dealer groups and practices within the AMP network are very focused on compliance. It is a huge advantage to Intiger that they are very familiar with the compliance requirements of AMP aligned dealer groups. Low Cost
David confirmed that the lower cost is able to be invested elsewhere in the business for greater efficiency.” (4) It can't be understated that this information has been provided straight from the mouth of a FP business owner who has been successfully using Intiger's services. It is not some faceless keyboard warrior who is trying to save humanity and protect us from ourselves by telling us all that IAM is doomed to fail. (8)
PODCAST: Interview with Patrick Canion – Business & BooM Update
NAB out but still in discussions. On one of the road shows they said they were back in talks with a party trying to work out a way so they don’t have to be named (anyone remember this)
Godfrey Pembroke (180x Advisers) + MLC (200+) owned by NAB
They will now have access to BOOM!!!
I also found this bit VERY interesting PC said people were forecasting revenue etc. good and well and coming up with an estimate for meeting M1-M4 BUT, said there are things that the market does not know about! that’s why they comfortable with reaching M1 to M4 (10)
There is a lot of information here.
It is what the IAM Team have achieved in the last 9 months.
The proof is right here, they are motivated and striving to realise the Intiger Vision -
"Step by step, day by day, is how you build a business to last a generation"
(20min delay)