Most Authorised Reps have signed up to CAF's new pricing package. I expect the self-licensed advisers to also sign up. The fee per adviser is truly negligible in the scheme of things.
I am puzzled why private equity or CUP won't just acquire CAF. There is no need for each shop to have a compliance officer or a compliance team. The outsourcing model is far more efficient. Also there are synergies on the revenue side (also cost side) in terms of understanding trends across large pools of advisers/clients/customer behaviour.
As the industry consolidates, CAF or the outsourced compliance officer will almost act as the de facto ASIC. Think in terms of having the capacity to appoint ARs, to run compliance, to monitor etc.
It makes HUGE sense to consolidate. We're still priced close to cash+receivables backing - which is silly. We should be >20cents.
CAF Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held
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