IFL/PPT

There is something deeply ironic about advice being a loss maker, as a general observation in an industry that has struggled to monetise advice at scale, without cutting corners. Firstly, you can think of the majors (the banks, AMP), all of which vertically disintegrated.

Secondly, the listed players that have emerged.

Below is IFL, where the catch phase is “of the few remaining players now of scale”.

Below is PPT, a decent business, and we use several of their funds in our various multi-asset portfolios.

It is just a difficult industry, to do well, to do right, to do at scale. Some function of “everybody needs advice” meets “no one wants to pay for it”, but that doesn’t do it justice either.

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Please note that past performance is not a reliable indicator of future performance.

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