Netwealth and Fiducian have quite different business models. Fiducian is more like a roll up, so think ABC/G8. Buy adviser practices on a lower multiple than you demand, integrate it and get all your new advisers to provide "independent personal advice" to invest on you platform and buy your funds. More similar to the way banks have approached wealth management overs the years.
Hub and Netwealth are better comparables in my opinion. Hub has a rediculous PE, however only just reached profitability recently.
From what I understand, Netwealth report FUMA, Funds under management and administration. I believe this includes the assets held on platform and/or within the funds and managed accounts.
If they are listing soon, I would expect it will be explained in detail within the prospectus. Not sure if this is available yet.
FID Price at posting:
$4.83 Sentiment: None Disclosure: Not Held
