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• Cash is King• Fee for Service• Innovation in Software• Client Engagement• Client Revenue
Market Backdrop
• Domination of Institutions• Aggressive Acquisition
strategies impacting supply• No organic growth, cannibalise
existing FUM• Death of Independents
Changing Face of Distribution
• Waiting on ASIC release end of 2012
• Treatment of Volume Overrides New clients post 30 June, 2012 Ability for licensee’s to receive VO’s Transferability of VO’s
• Dealer groups moving down value chain
FOFA Impacts
• “I have to buy or I have to sell”• $200K recurring revenue book
• Significant and this has stabilised prices from July to Dec 2011 by 2.88 to June 30 2012 3.01
Demand
Market PricesRevenue Type Multiple Applied
SMSF Advise 3.00SMSF Administration 1.00General Insurance 1.90Risk 3.50Personal Investment 3.30Corporate Superannuation 1.50 #Personal Superannuation 2.69 #Superannuation Personal Insurance 2.50 #Accounting Individual Returns 0.60Accounting Compliance/BAS 0.80Accounting Advisory 1.00Accounting SMSF 1.00
FY 2012 AVERAGE 3.01