1 00:00:03,870 --> 00:00:07,709 Sean Aylmer: Welcome to the Fear and Greed business interview. I'm Sean Aylmer. HUB24 2 00:00:07,710 --> 00:00:09,510 Sean Aylmer: is one of those companies that we don't talk a 3 00:00:09,510 --> 00:00:12,660 Sean Aylmer: lot about, but it's really become a share market darling 4 00:00:12,660 --> 00:00:15,960 Sean Aylmer: over the past few years, it manufactures and provides technology 5 00:00:15,960 --> 00:00:19,680 Sean Aylmer: and administration tools for financial advisors and accountants, but it 6 00:00:19,680 --> 00:00:23,549 Sean Aylmer: also holds investments on its platform, including superannuation. It released 7 00:00:23,550 --> 00:00:26,790 Sean Aylmer: its half- year results yesterday, reporting a 39% increase in 8 00:00:26,790 --> 00:00:30,900 Sean Aylmer: statutory net profit and a higher dividend. Investors certainly seem 9 00:00:30,900 --> 00:00:33,299 Sean Aylmer: to like what they heard making HUB24, one of the 10 00:00:33,299 --> 00:00:36,419 Sean Aylmer: better performers on the ASX 200 yesterday. In fact, nine years 11 00:00:36,450 --> 00:00:39,330 Sean Aylmer: ago, one HUB24 share would cost you about a dollar. 12 00:00:39,750 --> 00:00:42,810 Sean Aylmer: Today they're trading at closer to $ 40. Andrew Alcock is 13 00:00:42,810 --> 00:00:46,229 Sean Aylmer: the CEO and managing director of HUB24. Andrew, welcome back 14 00:00:46,229 --> 00:00:46,979 Sean Aylmer: to Fear and Greed. 15 00:00:47,700 --> 00:00:48,928 Andrew Alcock: Thank you, Sean. Good to be here. 16 00:00:49,650 --> 00:00:52,469 Sean Aylmer: Congratulations on your result yesterday. Now, not that I'm suggesting 17 00:00:52,469 --> 00:00:54,420 Sean Aylmer: it's good or bad, but the share price suggests that 18 00:00:54,870 --> 00:00:57,360 Sean Aylmer: the market likes it, at least. Before we jump into 19 00:00:57,360 --> 00:01:00,570 Sean Aylmer: the result, just tell us exactly what HUB24 does and 20 00:01:00,570 --> 00:01:02,700 Sean Aylmer: where your revenue streams are for those who don't know 21 00:01:02,700 --> 00:01:03,269 Sean Aylmer: your company. 22 00:01:04,080 --> 00:01:08,009 Andrew Alcock: Sure. We are a investment and superannuation platform business primarily, 23 00:01:08,009 --> 00:01:10,169 Andrew Alcock: but we do have a couple of other operating segments, 24 00:01:10,949 --> 00:01:14,100 Andrew Alcock: which is really about working with financial advisors and accountants 25 00:01:14,100 --> 00:01:18,300 Andrew Alcock: who are helping their customers safe retirement or deal with 26 00:01:18,300 --> 00:01:21,330 Andrew Alcock: a drawdown in retirement. So it's a platform if you 27 00:01:21,330 --> 00:01:24,000 Andrew Alcock: like, like (inaudible) , Macquarie Wrap, where you get to 28 00:01:24,000 --> 00:01:27,839 Andrew Alcock: choose where your superannuation or investments are invested, and we 29 00:01:27,839 --> 00:01:30,479 Andrew Alcock: do the administration, the tax reporting, the trading and so 30 00:01:30,480 --> 00:01:33,270 Andrew Alcock: forth for you with your advisor, hopefully getting you a 31 00:01:33,270 --> 00:01:36,420 Andrew Alcock: better outcome. We'll get some great tools like our managed 32 00:01:36,420 --> 00:01:39,330 Andrew Alcock: portfolio capability that is really leading edge and actually creates 33 00:01:39,330 --> 00:01:41,969 Andrew Alcock: better outcomes in terms of returns to clients with great 34 00:01:41,969 --> 00:01:45,330 Andrew Alcock: advice and good investment managers. So that's the core part 35 00:01:45,330 --> 00:01:46,949 Andrew Alcock: of our business. We have a couple of other software 36 00:01:46,949 --> 00:01:51,001 Andrew Alcock: businesses, class being the market leader in self- managed (inaudible) 37 00:01:51,001 --> 00:01:55,530 Andrew Alcock: administration software, and a portal for clients for households 38 00:01:55,530 --> 00:01:58,260 Andrew Alcock: called myprosperity, which is really about allowing you to store 39 00:01:58,260 --> 00:02:01,290 Andrew Alcock: your household wealth together and collaborating with your advisors. 40 00:02:01,710 --> 00:02:05,129 Sean Aylmer: Okay, so your revenue streams then, where does the bulk 41 00:02:05,160 --> 00:02:07,109 Sean Aylmer: of revenue come from? 42 00:02:07,710 --> 00:02:09,870 Andrew Alcock: The bulk of the revenue is from the platform business, 43 00:02:09,870 --> 00:02:13,830 Andrew Alcock: so it's from administration fees and trading fees on the 44 00:02:13,830 --> 00:02:18,090 Andrew Alcock: HUB24 custodial platform. We do also have revenue in our 45 00:02:18,090 --> 00:02:22,199 Andrew Alcock: platform segment from running administration services where we don't have 46 00:02:22,199 --> 00:02:24,540 Andrew Alcock: money held in custody, but they're held in the client's 47 00:02:24,540 --> 00:02:27,000 Andrew Alcock: own name. We do that for some stockbrokers as well, 48 00:02:27,000 --> 00:02:29,790 Andrew Alcock: but that's the vast bulk of our revenue. I think 49 00:02:29,790 --> 00:02:35,638 Andrew Alcock: it's about 156 mil for the total group, and 120 50 00:02:35,639 --> 00:02:38,309 Andrew Alcock: million of that is in our platform business. The other 51 00:02:38,309 --> 00:02:40,829 Andrew Alcock: 34 is in our technology solutions business. 52 00:02:41,279 --> 00:02:43,230 Sean Aylmer: Okay. So I think when we talked a couple of 53 00:02:43,230 --> 00:02:45,389 Sean Aylmer: years ago, and I remember it's got the black box, 54 00:02:45,389 --> 00:02:47,550 Sean Aylmer: all the really hard stuff in the middle is what 55 00:02:47,550 --> 00:02:50,790 Sean Aylmer: you do. It's easy to talk about investing and obviously 56 00:02:50,790 --> 00:02:54,508 Sean Aylmer: you have a financial advisor, but all the process in 57 00:02:54,508 --> 00:02:57,630 Sean Aylmer: the middle is kind of what you look after, broadly 58 00:02:57,630 --> 00:03:01,410 Sean Aylmer: speaking. Based on share price performance, you've done very well. 59 00:03:01,560 --> 00:03:05,310 Sean Aylmer: What is it about your business that's growing... I mean, 60 00:03:05,400 --> 00:03:08,070 Sean Aylmer: you're in a competitive market. You mentioned Macquarie and BT, 61 00:03:08,070 --> 00:03:11,550 Sean Aylmer: they've got well- established platforms out there. What is it 62 00:03:11,550 --> 00:03:14,190 Sean Aylmer: about HUB24? Why are you growing faster than market? 63 00:03:14,790 --> 00:03:17,369 Andrew Alcock: Look, I think since we started a business, we've absolutely 64 00:03:17,369 --> 00:03:20,010 Andrew Alcock: been focused on the client and the client's needs and 65 00:03:20,010 --> 00:03:23,460 Andrew Alcock: the end- to- end value chain of our industry. Whereas 66 00:03:23,460 --> 00:03:26,550 Andrew Alcock: traditionally this industry has been dominated by banks or wealth 67 00:03:26,550 --> 00:03:30,960 Andrew Alcock: institutions with vertical integration. They've had advice and product solutions 68 00:03:30,960 --> 00:03:33,389 Andrew Alcock: or they've been providing the platform, which you might like 69 00:03:33,389 --> 00:03:36,360 Andrew Alcock: is the supermarket with all the investments, but also had 70 00:03:36,360 --> 00:03:38,610 Andrew Alcock: their own investments or their own life insurance on the 71 00:03:38,610 --> 00:03:41,130 Andrew Alcock: shelf, which means you're not getting the best of breed 72 00:03:41,130 --> 00:03:43,800 Andrew Alcock: of everything in some cases. Whereas our model has been 73 00:03:43,860 --> 00:03:47,129 Andrew Alcock: open architecture, focused on the needs of advisors to help 74 00:03:47,130 --> 00:03:50,309 Andrew Alcock: their clients with the sustainable model. So we do it 75 00:03:50,309 --> 00:03:52,139 Andrew Alcock: with you, not do it to you if you like. 76 00:03:52,139 --> 00:03:55,680 Andrew Alcock: It's a different attitude. We play to consumer sentiment. How 77 00:03:55,680 --> 00:03:59,820 Andrew Alcock: do we use technology to get a better outcome? So 78 00:03:59,910 --> 00:04:01,650 Andrew Alcock: a lot of our technology in that black box, if 79 00:04:01,650 --> 00:04:04,920 Andrew Alcock: you like, will provide better tax outcomes or what we 80 00:04:04,920 --> 00:04:08,939 Andrew Alcock: might call platform alpha, where clients are able to unlock 81 00:04:08,940 --> 00:04:11,879 Andrew Alcock: value that was trapped in those old methods in the 82 00:04:11,879 --> 00:04:14,340 Andrew Alcock: old world and actually create better returns using some of 83 00:04:14,340 --> 00:04:17,368 Andrew Alcock: the technology we've got. So we think about clients, we 84 00:04:17,370 --> 00:04:20,790 Andrew Alcock: think about their outcomes, and that in itself looks after 85 00:04:20,790 --> 00:04:23,250 Andrew Alcock: our shareholder and our profit outcomes because we're doing the 86 00:04:23,250 --> 00:04:26,009 Andrew Alcock: right thing, building a sustainable model, but we're disrupting the 87 00:04:26,009 --> 00:04:28,770 Andrew Alcock: market. We're finding a better way and a smarter way 88 00:04:29,400 --> 00:04:31,019 Andrew Alcock: to maximize people's outcomes. 89 00:04:31,350 --> 00:04:34,110 Sean Aylmer: Okay. Can you give us a tangible example of what 90 00:04:34,110 --> 00:04:37,529 Sean Aylmer: you're saying there in terms of how the product itself, 91 00:04:37,529 --> 00:04:40,529 Sean Aylmer: the technology itself improves outcomes for the client, be that 92 00:04:40,529 --> 00:04:43,979 Sean Aylmer: a financial advisor or the end person, which is actually investor. 93 00:04:44,730 --> 00:04:47,999 Andrew Alcock: So traditionally, people who invest in platforms with either direct 94 00:04:48,000 --> 00:04:51,060 Andrew Alcock: equities or managed funds. For the last few years, people 95 00:04:51,060 --> 00:04:54,060 Andrew Alcock: have been investing in managed accounts. What does that mean? 96 00:04:54,060 --> 00:04:56,758 Andrew Alcock: It means that the advisor can actually put a client 97 00:04:56,760 --> 00:04:59,130 Andrew Alcock: in a managed account, deliver an advice document if you 98 00:04:59,130 --> 00:05:02,069 Andrew Alcock: like, for that. But the investments underneath that get changed 99 00:05:02,070 --> 00:05:05,100 Andrew Alcock: by a professional manager. In the old regime, you'd have 100 00:05:05,100 --> 00:05:07,440 Andrew Alcock: to issue a new statement of advice every time you 101 00:05:07,440 --> 00:05:10,860 Andrew Alcock: undertook that rebalancing, which means you can't rebalance as often. 102 00:05:11,100 --> 00:05:14,099 Andrew Alcock: You're continually having to deliver documents to clients to get them to sign 103 00:05:14,099 --> 00:05:16,678 Andrew Alcock: off. Whereas managed accounts allow you to own some of 104 00:05:16,678 --> 00:05:19,320 Andrew Alcock: those assets in that investment pool, if you like, in 105 00:05:19,320 --> 00:05:22,229 Andrew Alcock: the client's own name, and then you can unwrap them 106 00:05:22,230 --> 00:05:25,678 Andrew Alcock: and rewrap them virtually with different investment managers rather than 107 00:05:25,680 --> 00:05:29,190 Andrew Alcock: switching in and out of individual managed funds. Every time 108 00:05:29,190 --> 00:05:32,520 Andrew Alcock: you switch in an out there are costs, there are penalties, 109 00:05:32,520 --> 00:05:35,159 Andrew Alcock: there are buy prices and sell prices that just don't 110 00:05:35,160 --> 00:05:39,089 Andrew Alcock: exist with managed portfolios because you might switch from manager 111 00:05:39,089 --> 00:05:42,419 Andrew Alcock: one to manager two, but 70% of the equities are 112 00:05:42,420 --> 00:05:44,640 Andrew Alcock: the same, so you don't sell them. Whereas in the 113 00:05:44,640 --> 00:05:47,310 Andrew Alcock: old world, you'd sell them and rebuy them. In our 114 00:05:47,310 --> 00:05:49,710 Andrew Alcock: world, you don't do that. But interestingly, when you take 115 00:05:49,710 --> 00:05:53,310 Andrew Alcock: that model, let's say that if the manager is switching 116 00:05:53,639 --> 00:05:57,000 Andrew Alcock: a particular investment in a portfolio, the tax capability in 117 00:05:57,000 --> 00:05:59,549 Andrew Alcock: our platform about tax management means you can pick whether 118 00:05:59,549 --> 00:06:02,070 Andrew Alcock: you have a minimum game or a maximum gain, and 119 00:06:02,070 --> 00:06:04,200 Andrew Alcock: in some cases it can save thousands of dollars of 120 00:06:04,200 --> 00:06:08,010 Andrew Alcock: capital gains tax on those switches. Whereas in managed funds, 121 00:06:08,190 --> 00:06:10,320 Andrew Alcock: that gets tied up in the unit price. That is 122 00:06:10,320 --> 00:06:13,919 Andrew Alcock: a drag on performance. That's a simple, more tangible example, 123 00:06:13,920 --> 00:06:15,960 Andrew Alcock: sorry, it's technical, but that's at the heart of what 124 00:06:15,960 --> 00:06:18,569 Andrew Alcock: managed accounts do on our platform apart from all the 125 00:06:18,570 --> 00:06:19,890 Andrew Alcock: other efficiencies we deliver. 126 00:06:20,250 --> 00:06:22,080 Sean Aylmer: Stay with me Andrew, we'll be back in a minute. 127 00:06:28,050 --> 00:06:31,079 Sean Aylmer: My guest this morning is Andrew Alcock, CEO and managing 128 00:06:31,080 --> 00:06:37,349 Sean Aylmer: director of HUB24. The financial advisor must be central then 129 00:06:37,560 --> 00:06:40,800 Sean Aylmer: to your business. I've noticed that the numbers of financial 130 00:06:40,800 --> 00:06:43,738 Sean Aylmer: advisors using your platform has grown. How have you gone 131 00:06:43,740 --> 00:06:46,320 Sean Aylmer: out? Because I have spoken to many people who spend 132 00:06:46,320 --> 00:06:49,229 Sean Aylmer: their lives trying to attract financial advisors. You guys seem 133 00:06:49,230 --> 00:06:51,299 Sean Aylmer: to have done that reasonably well. How have you done 134 00:06:51,299 --> 00:06:54,269 Sean Aylmer: that? Is it just the platform? But there must be 135 00:06:54,270 --> 00:06:55,140 Sean Aylmer: more to it than that. 136 00:06:56,070 --> 00:06:58,289 Andrew Alcock: Oh, look, it's our culture. It's who we are. A 137 00:06:58,290 --> 00:07:00,659 Andrew Alcock: lot of our team have worked across this industry for 138 00:07:00,660 --> 00:07:02,339 Andrew Alcock: many years and I feel like they've come home to 139 00:07:02,490 --> 00:07:05,609 Andrew Alcock: HUB24 because what we're building is an open architecture and 140 00:07:05,610 --> 00:07:09,029 Andrew Alcock: next generation solution. So we have strong relationships, but as 141 00:07:09,029 --> 00:07:11,309 Andrew Alcock: I said, it's the way we work. We want to 142 00:07:11,309 --> 00:07:13,620 Andrew Alcock: listen to our clients. We want to build solutions that 143 00:07:13,920 --> 00:07:17,100 Andrew Alcock: work for them. We're dealing with improving the efficiency of 144 00:07:17,100 --> 00:07:19,980 Andrew Alcock: advisors. In this country, there is such a demand for 145 00:07:19,980 --> 00:07:23,040 Andrew Alcock: advice and such a shortage of advice. The average advisor 146 00:07:23,040 --> 00:07:26,250 Andrew Alcock: deals with 120 customers each. Our goal is to double 147 00:07:26,250 --> 00:07:28,260 Andrew Alcock: that. Our goal is to make it easier through more 148 00:07:28,260 --> 00:07:31,530 Andrew Alcock: efficient processes. So if you get that alignment right and 149 00:07:31,530 --> 00:07:34,410 Andrew Alcock: you have the best solution and you actually work in 150 00:07:34,410 --> 00:07:38,280 Andrew Alcock: relationship with those clients, it all yields the results. So 151 00:07:38,280 --> 00:07:41,250 Andrew Alcock: really we are collaborating. It's not about here's my product, 152 00:07:41,250 --> 00:07:43,139 Andrew Alcock: take it or leave it. We'll find a way to 153 00:07:43,139 --> 00:07:46,529 Andrew Alcock: make it easier or smarter when there's reg change for 154 00:07:46,529 --> 00:07:49,500 Andrew Alcock: the advisor to look after their clients. And that's part 155 00:07:49,500 --> 00:07:50,100 Andrew Alcock: of our DNA. 156 00:07:51,540 --> 00:07:54,840 Sean Aylmer: Sorry, you said reg change there. Is there any reg change on the board 157 00:07:54,840 --> 00:07:56,430 Sean Aylmer: that you're talking about specifically there? 158 00:07:56,880 --> 00:07:57,661 Andrew Alcock: There's always reg change. 159 00:07:57,661 --> 00:07:57,662 Sean Aylmer: There's always, that's true. 160 00:07:57,662 --> 00:08:01,859 Andrew Alcock: I mean, for example, a year ago clients had to consent 161 00:08:01,860 --> 00:08:05,609 Andrew Alcock: to us collecting fees on their behalf for advisors. A 162 00:08:05,609 --> 00:08:07,950 Andrew Alcock: lot of our competitors, the market said, " Here's the form 163 00:08:07,950 --> 00:08:09,990 Andrew Alcock: you have to fill in." We said, " We'll take any 164 00:08:09,990 --> 00:08:12,990 Andrew Alcock: form. We'll use machine learning and we'll take the form 165 00:08:12,990 --> 00:08:15,900 Andrew Alcock: that you use as an advisor or someone else's to 166 00:08:15,900 --> 00:08:17,489 Andrew Alcock: make this easier to implement." 167 00:08:18,000 --> 00:08:22,020 Sean Aylmer: Okay. Going forward, a couple of things. I think everyone 168 00:08:22,020 --> 00:08:25,380 Sean Aylmer: needs financial advice. That's my personal view. How do we 169 00:08:25,380 --> 00:08:29,220 Sean Aylmer: make it affordable? I mean affordable for a financial planner, 170 00:08:29,220 --> 00:08:33,150 Sean Aylmer: really to actually give advice to someone who's got $ 300,000, 171 00:08:33,150 --> 00:08:33,899 Sean Aylmer: not $ 3 million. 172 00:08:35,160 --> 00:08:38,009 Andrew Alcock: Hey, great question. And what we've got with the loss 173 00:08:38,009 --> 00:08:40,049 Andrew Alcock: of advisors in the industry, and it's now starting to 174 00:08:40,049 --> 00:08:42,809 Andrew Alcock: rebuild, is you've a lot of financial advisors moving to 175 00:08:42,809 --> 00:08:46,170 Andrew Alcock: higher balanced clients because they can afford the fees. The 176 00:08:46,170 --> 00:08:49,559 Andrew Alcock: quality advice review, and Minister Jones is actually adopting some 177 00:08:49,559 --> 00:08:53,070 Andrew Alcock: of those recommendations from Michelle Levy, is aimed at doing 178 00:08:53,070 --> 00:08:56,040 Andrew Alcock: that as well, making it easier to deliver advice, lower 179 00:08:56,040 --> 00:08:59,039 Andrew Alcock: the hurdles. From my point of view, it's data and 180 00:08:59,039 --> 00:09:02,250 Andrew Alcock: technology. If we can make it easier to gather a 181 00:09:02,250 --> 00:09:05,309 Andrew Alcock: client's information, store it in our portal, we have a business 182 00:09:05,309 --> 00:09:08,639 Andrew Alcock: called myprosperity, so the advisor can have all the information 183 00:09:08,639 --> 00:09:11,160 Andrew Alcock: there and share it with the client. And we use 184 00:09:11,160 --> 00:09:14,189 Andrew Alcock: things like machine learning and technology to gather data. So 185 00:09:14,190 --> 00:09:17,400 Andrew Alcock: we do things like look at where the issues might 186 00:09:17,400 --> 00:09:20,790 Andrew Alcock: be using technology and try and head them off rather 187 00:09:20,790 --> 00:09:23,189 Andrew Alcock: than the old world where audits were done on every 188 00:09:23,190 --> 00:09:27,120 Andrew Alcock: single file. So it's about automating some of the compliance 189 00:09:27,120 --> 00:09:30,120 Andrew Alcock: burden with technology so advisors can focus more and more 190 00:09:30,420 --> 00:09:32,339 Andrew Alcock: on their clients, which means they can see more clients 191 00:09:32,340 --> 00:09:34,829 Andrew Alcock: or lower their fees, and we do that in many, 192 00:09:34,830 --> 00:09:37,740 Andrew Alcock: many different ways. Managed Portfolio is one examples, all our 193 00:09:37,740 --> 00:09:41,190 Andrew Alcock: reporting suite, it's about making the process easier and better. 194 00:09:41,550 --> 00:09:44,040 Andrew Alcock: The biggest issue for our industry is that the big 195 00:09:44,040 --> 00:09:47,249 Andrew Alcock: guys have left, the banks have exited wealth management. The 196 00:09:47,250 --> 00:09:51,718 Andrew Alcock: capital required to build infrastructure to help advice and share 197 00:09:51,719 --> 00:09:54,510 Andrew Alcock: data just hasn't been there, and that's where we are 198 00:09:54,510 --> 00:09:57,210 Andrew Alcock: playing to gather data together to make it easier for 199 00:09:57,210 --> 00:10:00,449 Andrew Alcock: clients and advisors. That's the investment required to lower the cost. 200 00:10:01,050 --> 00:10:03,000 Sean Aylmer: Do you think the banks will come back in? Westpac 201 00:10:03,000 --> 00:10:06,001 Sean Aylmer: recently decided not to sell off its BT platform. (inaudible) 202 00:10:06,001 --> 00:10:09,238 Sean Aylmer: have sort of made notions about it. Do you 203 00:10:09,240 --> 00:10:10,260 Sean Aylmer: think they will come back in? 204 00:10:11,039 --> 00:10:13,410 Andrew Alcock: Look over time, I think that happens, but they'll come 205 00:10:13,410 --> 00:10:16,439 Andrew Alcock: in a different way. If they do, they certainly are 206 00:10:16,470 --> 00:10:19,710 Andrew Alcock: still cleaning up some things of the past. Westpac have 207 00:10:19,710 --> 00:10:22,740 Andrew Alcock: decided not to sell Panorama. They did try to sell 208 00:10:22,740 --> 00:10:26,218 Andrew Alcock: the business. QAR will allow them to deliver some advice, 209 00:10:26,580 --> 00:10:29,010 Andrew Alcock: but three of the other banks don't have the capability. 210 00:10:29,010 --> 00:10:32,400 Andrew Alcock: They've sold their platforms as well, so it's possible, but 211 00:10:32,400 --> 00:10:34,650 Andrew Alcock: they'll come in a different way. But we've always competed 212 00:10:34,650 --> 00:10:37,830 Andrew Alcock: against the banks as well, and part of their shrinking 213 00:10:37,830 --> 00:10:40,170 Andrew Alcock: or lowering a market share, I think is the innovation 214 00:10:40,170 --> 00:10:42,029 Andrew Alcock: and tech we brought to the industry. They may come 215 00:10:42,030 --> 00:10:44,578 Andrew Alcock: back. I think any advice delivery in this country is 216 00:10:44,580 --> 00:10:47,910 Andrew Alcock: great for Australians and we're happy to compete on that basis. 217 00:10:47,911 --> 00:10:51,990 Sean Aylmer: Okay. HUB24, can you get the same sorts of share 218 00:10:51,990 --> 00:10:55,230 Sean Aylmer: price, appreciation, growth over the next 10 years that you've 219 00:10:55,230 --> 00:10:57,300 Sean Aylmer: had in the previous 10 years? It'd be a pretty 220 00:10:57,300 --> 00:10:59,010 Sean Aylmer: good effort, to be honest. It's 40 times, so. 221 00:10:59,219 --> 00:11:02,309 Andrew Alcock: Yeah. Well, thanks. We're really good at growing shareholder value 222 00:11:02,309 --> 00:11:04,619 Andrew Alcock: because we grow customer value. We keep doing that, there'll 223 00:11:04,619 --> 00:11:08,580 Andrew Alcock: be appreciation there. We're priced with a high multiple clearly, 224 00:11:08,580 --> 00:11:10,650 Andrew Alcock: but we have 6% market share. Yet we are the 225 00:11:10,650 --> 00:11:14,310 Andrew Alcock: leading platform with the leading flows and in this country, 226 00:11:14,760 --> 00:11:18,090 Andrew Alcock: the second- highest choice of Superfund across industry funds, even 227 00:11:18,090 --> 00:11:20,700 Andrew Alcock: where people choose to switch their money out of one 228 00:11:20,700 --> 00:11:23,160 Andrew Alcock: fund to another, there's upside there. There's no reason why 229 00:11:23,160 --> 00:11:25,710 Andrew Alcock: we can't double and triple our market share, which will 230 00:11:25,710 --> 00:11:27,689 Andrew Alcock: show results in share price hopefully if we do it 231 00:11:27,690 --> 00:11:30,090 Andrew Alcock: well. So we're absolutely bullish about what we're doing. It'd 232 00:11:30,090 --> 00:11:32,639 Andrew Alcock: be hard to repeat the growth of the past because 233 00:11:32,639 --> 00:11:34,950 Andrew Alcock: when I started, we were losing money. But we're very 234 00:11:34,950 --> 00:11:37,290 Andrew Alcock: excited about the opportunity ahead and we're certainly going to 235 00:11:37,290 --> 00:11:39,570 Andrew Alcock: focus on our customers in the industry to do that. 236 00:11:40,199 --> 00:11:41,910 Sean Aylmer: Andrew, thank you for talking to Fear and Greed. 237 00:11:42,330 --> 00:11:43,530 Andrew Alcock: Thank you, Sean. Great to be here. 238 00:11:44,040 --> 00:11:47,550 Sean Aylmer: That was Andrew Alcock, CEO and managing director of HUB24. 239 00:11:47,550 --> 00:11:49,828 Sean Aylmer: This is the Fear and Greed daily interview. Remember, this 240 00:11:49,830 --> 00:11:52,530 Sean Aylmer: is general information only and you should seek professional advice 241 00:11:52,530 --> 00:11:55,590 Sean Aylmer: before making any investment decision. Join us every morning for 242 00:11:55,590 --> 00:11:57,900 Sean Aylmer: the full episode of Fear and Greed, Australia's most popular 243 00:11:57,900 --> 00:12:00,479 Sean Aylmer: business podcast. I'm Sean Aylmer. Enjoy your day.