1 00:00:04,019 --> 00:00:06,510 Sean Aylmer: Welcome to the Fear and Greed Daily Interview. I'm Sean 2 00:00:06,510 --> 00:00:10,080 Sean Aylmer: Aylmer. Regular listeners hear me every day, reminding you that 3 00:00:10,080 --> 00:00:12,150 Sean Aylmer: we are not an investment podcast and that you should 4 00:00:12,150 --> 00:00:15,690 Sean Aylmer: get professional advice before making investment decisions, so it's no 5 00:00:15,690 --> 00:00:18,840 Sean Aylmer: surprise when we say we're big believers in the importance 6 00:00:18,840 --> 00:00:22,140 Sean Aylmer: of good financial advice. It's a view clearly shared by 7 00:00:22,140 --> 00:00:26,850 Sean Aylmer: today's guest. Hub 24 provides technology and administration tools for 8 00:00:26,850 --> 00:00:30,420 Sean Aylmer: financial advisors, a sector that's undergone a huge amount of 9 00:00:30,420 --> 00:00:33,089 Sean Aylmer: change in recent years. In the last decade, the company's 10 00:00:33,090 --> 00:00:36,449 Sean Aylmer: share price has gone from less than a dollar to 11 00:00:36,450 --> 00:00:40,290 Sean Aylmer: about $ 25, giving it a market cap of around $ 2 12 00:00:40,320 --> 00:00:43,290 Sean Aylmer: billion, one of the success stories over the last decade 13 00:00:43,500 --> 00:00:46,920 Sean Aylmer: on the ISX. Yesterday, Hub 24 announced a net profit 14 00:00:46,920 --> 00:00:49,890 Sean Aylmer: after tax of nearly $ 15 million for the year end at 15 00:00:49,890 --> 00:00:53,070 Sean Aylmer: June 30, that's up about 50 percent on the previous 16 00:00:53,070 --> 00:00:56,640 Sean Aylmer: year. Andrew Alcock is the managing director of Hub 24 17 00:00:56,640 --> 00:00:58,980 Sean Aylmer: and my guest this morning. Andrew, welcome to Fear and Greed. 18 00:00:59,460 --> 00:01:00,870 Andrew Alcock: Good to be here, Sean. Thank you. 19 00:01:02,160 --> 00:01:04,530 Sean Aylmer: We'll go through your results slightly, but really, just tell 20 00:01:04,530 --> 00:01:07,710 Sean Aylmer: me first exactly what Hub 24 does. 21 00:01:08,130 --> 00:01:11,369 Andrew Alcock: We are largely a investment platform business, although we've got 22 00:01:11,370 --> 00:01:15,480 Andrew Alcock: some more strings to our bow. We absolutely help financial 23 00:01:15,480 --> 00:01:19,800 Andrew Alcock: advisors help their clients empower better financial futures. By that, 24 00:01:20,400 --> 00:01:22,709 Andrew Alcock: if you think about a supermarket, we've got lots of 25 00:01:22,709 --> 00:01:25,350 Andrew Alcock: product on the shelf. We provide a platform with the infrastructure 26 00:01:25,350 --> 00:01:29,430 Andrew Alcock: for advisors to pick the right investment products for their 27 00:01:29,430 --> 00:01:32,610 Andrew Alcock: customers, so think about it being either a large super 28 00:01:32,610 --> 00:01:35,309 Andrew Alcock: fund or an investment supermarket where there can be thousands 29 00:01:35,310 --> 00:01:39,810 Andrew Alcock: of different products that might be used in certain combinations 30 00:01:40,260 --> 00:01:43,230 Andrew Alcock: for a client, by a financial advisor, to help them 31 00:01:43,230 --> 00:01:45,840 Andrew Alcock: with their own personal circumstances or their own preferences with 32 00:01:45,840 --> 00:01:49,170 Andrew Alcock: investing. It might be ESG type preferences. We provide that 33 00:01:49,170 --> 00:01:52,110 Andrew Alcock: access to those products. We wrap them up for you. 34 00:01:52,290 --> 00:01:55,320 Andrew Alcock: We manage the portfolio, reporting the trading. We hold them 35 00:01:55,320 --> 00:01:57,510 Andrew Alcock: in custody for you, and we give you your tax report 36 00:01:57,510 --> 00:01:58,681 Andrew Alcock: at the end of the year. 37 00:01:58,681 --> 00:02:00,210 Sean Aylmer: The way I like to think of it, it's kind 38 00:02:00,210 --> 00:02:01,770 Sean Aylmer: of like the black box that you don't think about 39 00:02:01,770 --> 00:02:04,230 Sean Aylmer: until you actually have to do it, and it's all 40 00:02:04,230 --> 00:02:06,330 Sean Aylmer: the hard stuff in the middle, so you might say, " 41 00:02:06,330 --> 00:02:08,130 Sean Aylmer: I want to buy a bond. I want to buy 42 00:02:08,310 --> 00:02:10,590 Sean Aylmer: Microsoft on Wall Street. I want to buy a local 43 00:02:10,590 --> 00:02:12,690 Sean Aylmer: company. I want to buy an alternate. I want to 44 00:02:12,690 --> 00:02:14,490 Sean Aylmer: go to a fund. How do you do it?" And 45 00:02:14,490 --> 00:02:17,280 Sean Aylmer: that's kind of the stuff that you do, and then 46 00:02:17,280 --> 00:02:20,160 Sean Aylmer: report back to the client on how it's performing. 47 00:02:20,669 --> 00:02:22,560 Andrew Alcock: Absolutely. We bring it all together and make it easy, 48 00:02:22,560 --> 00:02:25,470 Andrew Alcock: otherwise you'd be out there transacting with multiple different entities 49 00:02:25,470 --> 00:02:27,510 Andrew Alcock: all the time. With us, you could just go on 50 00:02:27,930 --> 00:02:31,350 Andrew Alcock: and purchase and sell, and it all is integrated and brought together 51 00:02:31,350 --> 00:02:35,040 Andrew Alcock: in one overall service, which is really about creating efficiency 52 00:02:35,040 --> 00:02:38,339 Andrew Alcock: for the end customer investor, but also for the advisor, 53 00:02:38,340 --> 00:02:42,179 Andrew Alcock: because you want them spending time thinking about your needs 54 00:02:42,180 --> 00:02:44,940 Andrew Alcock: and how they're going to help you achieve your needs rather than doing 55 00:02:44,940 --> 00:02:47,700 Andrew Alcock: a whole lot of administration, which isn't adding value. 56 00:02:47,730 --> 00:02:50,010 Sean Aylmer: Okay. So, we're going to get onto that in a 57 00:02:50,010 --> 00:02:53,820 Sean Aylmer: moment. Just quickly on your actual result, a great jump 58 00:02:54,180 --> 00:02:57,299 Sean Aylmer: in net profit, and that's despite the downturn in financial 59 00:02:57,300 --> 00:03:00,900 Sean Aylmer: markets, the thing that I really noticed, your funds under 60 00:03:00,900 --> 00:03:05,400 Sean Aylmer: administration raised 12 percent, but given, I presume, your investment 61 00:03:05,490 --> 00:03:09,810 Sean Aylmer: performance was negative, because everyone else's was negative, that flow 62 00:03:09,810 --> 00:03:10,620 Sean Aylmer: of funds is great. 63 00:03:11,250 --> 00:03:14,190 Andrew Alcock: Yeah, it is a great result, and look, in effect, in 64 00:03:14,370 --> 00:03:18,600 Andrew Alcock: FY22, putting it this way, let's just say we have $ 65 00:03:18,600 --> 00:03:21,750 Andrew Alcock: 50 billion roughly of funds under administration in the custodial 66 00:03:21,750 --> 00:03:25,709 Andrew Alcock: platforms, in the first half, investment returns for the portfolio, 67 00:03:25,710 --> 00:03:27,900 Andrew Alcock: if you like, were up about $ 2 billion, so we 68 00:03:27,900 --> 00:03:31,260 Andrew Alcock: had a positive market movement of $ 2 billion to 31 69 00:03:31,320 --> 00:03:35,820 Andrew Alcock: December, but by 30 June, we had a net negative 3. 70 00:03:36,330 --> 00:03:40,410 Andrew Alcock: 5, so that was $ 5.4 billion out or backwards in 71 00:03:40,410 --> 00:03:43,080 Andrew Alcock: performance. But then when you sit there and say, " Oh, 72 00:03:43,080 --> 00:03:45,240 Andrew Alcock: but hey, Andrew, you're up 12 percent." When you add 5. 73 00:03:45,480 --> 00:03:48,390 Andrew Alcock: 4 to that, it's a great result. And it's largely 74 00:03:48,390 --> 00:03:50,880 Andrew Alcock: because of the way we think about our customers and 75 00:03:50,880 --> 00:03:53,550 Andrew Alcock: the position this market's in. We are a market leader 76 00:03:53,550 --> 00:03:55,230 Andrew Alcock: now with a lot of the (inaudible) moving out, 77 00:03:55,230 --> 00:03:58,200 Andrew Alcock: so you're right. Negative market returns. However, we've put on 78 00:03:58,200 --> 00:03:59,040 Andrew Alcock: some great growth. 79 00:03:59,310 --> 00:04:01,320 Sean Aylmer: Stay with me, Andrew. We'll be back in a minute. 80 00:04:07,500 --> 00:04:10,590 Sean Aylmer: My guest this morning is Andrew Alcock, managing director of 81 00:04:10,590 --> 00:04:15,330 Sean Aylmer: Hub 24. Okay. Talk about (inaudible) moving out. Mostly the 82 00:04:15,330 --> 00:04:18,870 Sean Aylmer: banks, they're leaving the wealth management area broadly. Is at a 83 00:04:18,870 --> 00:04:19,920 Sean Aylmer: good or a bad thing? 84 00:04:20,790 --> 00:04:22,350 Andrew Alcock: Well, some have left already. 85 00:04:22,680 --> 00:04:22,770 Sean Aylmer: Yeah. 86 00:04:22,770 --> 00:04:24,570 Andrew Alcock: I think there are good and bad things to that. 87 00:04:24,570 --> 00:04:28,409 Andrew Alcock: I think that we are in an era where technology and customer 88 00:04:28,410 --> 00:04:32,130 Andrew Alcock: focus and open architecture is king in terms of consumer 89 00:04:32,130 --> 00:04:35,940 Andrew Alcock: sentiment, so we had these large wealth players trying to 90 00:04:36,210 --> 00:04:39,750 Andrew Alcock: offer integrated or vertically integrated products to their customers in 91 00:04:39,750 --> 00:04:42,120 Andrew Alcock: a box. Hub 24 has been about, " Well, let's offer 92 00:04:42,120 --> 00:04:45,990 Andrew Alcock: you the best cash product, the best investment products, and 93 00:04:45,990 --> 00:04:49,200 Andrew Alcock: you pick them yourself." That's been good for consumers and 94 00:04:49,200 --> 00:04:52,320 Andrew Alcock: prices have largely halved over the last decade for platforms, 95 00:04:52,320 --> 00:04:54,179 Andrew Alcock: as well, so the results of the shift has been 96 00:04:54,180 --> 00:04:58,830 Andrew Alcock: good. The banks are concentrating on banking, largely, with several 97 00:04:58,830 --> 00:05:01,289 Andrew Alcock: of them having already exited wealth, and some talking about 98 00:05:01,290 --> 00:05:04,830 Andrew Alcock: it still. The negative side about that is, whilst the 99 00:05:04,830 --> 00:05:08,669 Andrew Alcock: consumer proposition is far better and less conflicted, the negative 100 00:05:08,670 --> 00:05:12,240 Andrew Alcock: side of that is that there's less advisors in the marketplace, because 101 00:05:12,450 --> 00:05:17,490 Andrew Alcock: banks were a large employer or grower of financial advisors, 102 00:05:17,490 --> 00:05:19,589 Andrew Alcock: with a lot of bank based products. That part of the 103 00:05:19,710 --> 00:05:23,219 Andrew Alcock: market has shifted, so there's less availability of advice. That's 104 00:05:23,279 --> 00:05:25,529 Andrew Alcock: an outcome that I hope we as an industry can 105 00:05:25,529 --> 00:05:27,990 Andrew Alcock: fix, because the demand is skyrocketing. 106 00:05:28,710 --> 00:05:31,529 Sean Aylmer: Yeah. We are great believers on Fear and Greed of 107 00:05:31,529 --> 00:05:36,480 Sean Aylmer: getting professional advice. I do this every day and there's 108 00:05:36,480 --> 00:05:38,790 Sean Aylmer: no way I can beat a professional investor. I just 109 00:05:38,790 --> 00:05:40,710 Sean Aylmer: don't think that's right. And 50 percent of the people 110 00:05:40,710 --> 00:05:42,810 Sean Aylmer: win, 50 percent of the people lose, so all these 111 00:05:42,810 --> 00:05:45,690 Sean Aylmer: other things like diversification, all that, they all really matter. 112 00:05:46,200 --> 00:05:49,620 Sean Aylmer: What I wonder about, though, is for someone, and you 113 00:05:49,620 --> 00:05:51,960 Sean Aylmer: really don't have to be a high net worth individual, 114 00:05:51,960 --> 00:05:56,250 Sean Aylmer: but reasonably wealthy, fair bit to invest, it's actually quite 115 00:05:56,250 --> 00:05:58,050 Sean Aylmer: expensive to use a financial advisor. 116 00:05:58,290 --> 00:06:00,870 Andrew Alcock: It is, depending on how you view expensive. 117 00:06:00,870 --> 00:06:00,930 Sean Aylmer: Yeah. 118 00:06:00,930 --> 00:06:04,560 Andrew Alcock: So if you look at through the lens of value and the complexity 119 00:06:04,589 --> 00:06:07,109 Andrew Alcock: and the benefits they can create or help you with, 120 00:06:07,470 --> 00:06:10,380 Andrew Alcock: it might actually be cheap. But the sticker shock is 121 00:06:10,380 --> 00:06:12,810 Andrew Alcock: there, absolutely. I think one of the averages from a 122 00:06:12,810 --> 00:06:15,810 Andrew Alcock: survey from (inaudible) is about $3, 500, and I would 123 00:06:15,810 --> 00:06:18,089 Andrew Alcock: say that's fairly cheap compared to where most of the 124 00:06:18,089 --> 00:06:20,609 Andrew Alcock: market is, but if you're going on a journey for 20 or 125 00:06:20,610 --> 00:06:25,140 Andrew Alcock: 30 years before you retire, imagine the benefits of saving 126 00:06:25,170 --> 00:06:29,640 Andrew Alcock: or increasing or getting an extra five, 10, $15,000 out of 127 00:06:29,640 --> 00:06:31,890 Andrew Alcock: your portfolio in a year and capitalizing that over 20 128 00:06:31,890 --> 00:06:35,700 Andrew Alcock: years. It more than covers the cost that people think 129 00:06:35,700 --> 00:06:39,510 Andrew Alcock: is high. We pay for medical care. We pay for 130 00:06:39,510 --> 00:06:42,390 Andrew Alcock: legal advice. We pay for accounting advice. We pay for 131 00:06:42,390 --> 00:06:46,380 Andrew Alcock: healthcare. We pay insurance for our home and everything. But 132 00:06:46,529 --> 00:06:49,830 Andrew Alcock: are we paying insurance for our retirement? It might be 133 00:06:49,830 --> 00:06:52,440 Andrew Alcock: well spent. It looks expensive, but the value can be 134 00:06:52,440 --> 00:06:54,270 Andrew Alcock: incredibly beneficial. 135 00:06:54,930 --> 00:06:57,120 Sean Aylmer: You're preaching to the converted here, because I'm totally with 136 00:06:57,120 --> 00:07:00,660 Sean Aylmer: you on that. Hub 24 itself, though, you almost have 137 00:07:00,660 --> 00:07:02,820 Sean Aylmer: a role in that, because if you can make it 138 00:07:02,820 --> 00:07:07,620 Sean Aylmer: easier for financial advisors, and potentially cheaper for financial advisors 139 00:07:07,620 --> 00:07:10,680 Sean Aylmer: to access all these different products, then that will pass 140 00:07:10,680 --> 00:07:14,850 Sean Aylmer: through in potentially lower fees, not withstanding the value, so 141 00:07:14,850 --> 00:07:18,030 Sean Aylmer: I get that, but just the sticker shock to individual customers. 142 00:07:19,170 --> 00:07:21,750 Andrew Alcock: We can help build alternative models for advice, as well. 143 00:07:22,200 --> 00:07:25,110 Andrew Alcock: If we look backwards, I think we've actually already lowered 144 00:07:25,110 --> 00:07:29,190 Andrew Alcock: the overall cost for consumers, because we came to market 145 00:07:29,190 --> 00:07:32,520 Andrew Alcock: with a very competitive platform price that did create efficiency 146 00:07:32,520 --> 00:07:35,910 Andrew Alcock: for advisors, and so the total cost for a client, 147 00:07:36,030 --> 00:07:38,160 Andrew Alcock: if you add not just the advice, but the platform 148 00:07:38,160 --> 00:07:40,650 Andrew Alcock: and the investment fees, is far less than it was a few years 149 00:07:40,650 --> 00:07:44,160 Andrew Alcock: ago. We've already had that impact with the industry. You're 150 00:07:44,160 --> 00:07:47,040 Andrew Alcock: right. If we make it more efficient, advisors can spend 151 00:07:47,040 --> 00:07:49,500 Andrew Alcock: more time with clients or spend less time doing admin, 152 00:07:49,830 --> 00:07:52,080 Andrew Alcock: and hopefully that lowers the price or the cost to 153 00:07:52,080 --> 00:07:54,540 Andrew Alcock: serve. That will also be a function of supply and 154 00:07:54,540 --> 00:07:57,480 Andrew Alcock: demand, so whilst we can do that, I think that 155 00:07:57,540 --> 00:08:01,200 Andrew Alcock: the goal for the industry broader, Sean, and for government 156 00:08:01,200 --> 00:08:03,750 Andrew Alcock: and regulators, is to try and find a way of 157 00:08:03,930 --> 00:08:07,050 Andrew Alcock: growing more advisors or finding other ways of delivering advice, 158 00:08:07,050 --> 00:08:10,020 Andrew Alcock: because the demand in itself could push the price up. 159 00:08:10,140 --> 00:08:12,330 Andrew Alcock: So, yes, we're bringing tech that hopefully will make it 160 00:08:12,330 --> 00:08:15,450 Andrew Alcock: more efficient, and that's absolutely part of our mission, and 161 00:08:15,450 --> 00:08:19,410 Andrew Alcock: we believe that robotic or digital advice is a way of 162 00:08:19,410 --> 00:08:21,660 Andrew Alcock: lowering cost, and we are committed to working with people 163 00:08:21,660 --> 00:08:23,850 Andrew Alcock: to do that, but we need to solve the demand 164 00:08:23,850 --> 00:08:24,930 Andrew Alcock: and supply issue, as well. 165 00:08:25,380 --> 00:08:29,280 Sean Aylmer: What about SMSFs? Is that a growing area? And then I'm just 166 00:08:29,280 --> 00:08:33,720 Sean Aylmer: interested in younger Australians, how they're managing their super. 167 00:08:34,110 --> 00:08:37,830 Andrew Alcock: Hey, it's fascinating. A few years ago, SMSFs were, I 168 00:08:37,830 --> 00:08:39,451 Andrew Alcock: might say, on the nose, if you like. 169 00:08:39,451 --> 00:08:39,751 Sean Aylmer: Yep. 170 00:08:40,230 --> 00:08:42,030 Andrew Alcock: The mode out there or the view out there was 171 00:08:42,030 --> 00:08:44,730 Andrew Alcock: their being oversold, if you like, and I'd rather say 172 00:08:45,090 --> 00:08:47,849 Andrew Alcock: they're advised, not sold, but oversold. And then you had 173 00:08:47,850 --> 00:08:49,709 Andrew Alcock: views coming from the (inaudible) Royal Commission or from 174 00:08:49,710 --> 00:08:52,860 Andrew Alcock: Essex saying that, unless you've got half a million dollars 175 00:08:53,280 --> 00:08:56,010 Andrew Alcock: in retirement, you really shouldn't have an SMSF because it's 176 00:08:56,010 --> 00:09:00,120 Andrew Alcock: costing you too much. Well, that's a fairly blunt way 177 00:09:00,120 --> 00:09:02,189 Andrew Alcock: of looking at it because it depends on who you 178 00:09:02,190 --> 00:09:04,710 Andrew Alcock: are. Everyone's an individual. If you're the type of person 179 00:09:04,710 --> 00:09:06,900 Andrew Alcock: who's going to want to have an investment property or 180 00:09:06,900 --> 00:09:09,870 Andrew Alcock: some business assets through an SMSF, or going to want more 181 00:09:09,870 --> 00:09:12,480 Andrew Alcock: choice or flexibility in the future, and it might be in 10 or 182 00:09:12,630 --> 00:09:16,830 Andrew Alcock: 20 years time, let's not use those blunt measures, because 183 00:09:17,550 --> 00:09:21,600 Andrew Alcock: it can be difficult to transition at age 40 or age 50, if 184 00:09:21,600 --> 00:09:23,130 Andrew Alcock: you're going to leave the Superfund you're in because it 185 00:09:23,340 --> 00:09:25,650 Andrew Alcock: suits you to have a self- managed Superfund. You might 186 00:09:25,650 --> 00:09:27,750 Andrew Alcock: crystallize some tax you wouldn't have crystallized if you were 187 00:09:27,750 --> 00:09:28,740 Andrew Alcock: there in the first place. 188 00:09:28,950 --> 00:09:29,130 Sean Aylmer: Yep. 189 00:09:29,730 --> 00:09:31,410 Andrew Alcock: To solve the cost is an interesting thing, which is 190 00:09:31,410 --> 00:09:33,270 Andrew Alcock: what we're trying to do, but you are seeing an 191 00:09:33,270 --> 00:09:36,210 Andrew Alcock: uptick, so the number of SMSFs dropped back over the 192 00:09:36,210 --> 00:09:38,970 Andrew Alcock: last few years. You've started seeing an uptick, and more 193 00:09:38,970 --> 00:09:41,520 Andrew Alcock: of them being registered than shut down, and you're starting 194 00:09:41,520 --> 00:09:45,480 Andrew Alcock: to see younger people engage with SMSFs, which is fascinating 195 00:09:45,480 --> 00:09:48,059 Andrew Alcock: because we see that as a goal for us having 196 00:09:48,270 --> 00:09:52,230 Andrew Alcock: purchased Class, which is an SMSFs software business. We want 197 00:09:52,230 --> 00:09:54,630 Andrew Alcock: to build bundle products that make it easier and cheaper 198 00:09:54,630 --> 00:09:58,620 Andrew Alcock: for younger people or lower balances to enter that market 199 00:09:58,620 --> 00:10:01,229 Andrew Alcock: so they can secure a choice and portability for the future. 200 00:10:01,679 --> 00:10:04,530 Sean Aylmer: So, for where Hub 24 goes from here, is it 201 00:10:04,530 --> 00:10:07,530 Sean Aylmer: being able to serve a more diverse group of customers, 202 00:10:07,530 --> 00:10:08,730 Sean Aylmer: not just financial planners? 203 00:10:09,660 --> 00:10:11,790 Andrew Alcock: The products we are issuing right now are still advice 204 00:10:11,790 --> 00:10:16,020 Andrew Alcock: products. They are for advisors, but never say never. We're 205 00:10:16,020 --> 00:10:17,910 Andrew Alcock: quite interested in how we can help in any way 206 00:10:17,910 --> 00:10:21,689 Andrew Alcock: we can. We think there's far more unmet opportunity with 207 00:10:21,690 --> 00:10:23,940 Andrew Alcock: financial advisors to help them grow their market, which is 208 00:10:23,940 --> 00:10:27,300 Andrew Alcock: our core marketplace, but we've got solutions, now. We've got 209 00:10:27,450 --> 00:10:31,110 Andrew Alcock: thousands of customers who don't have advisors who use Class 210 00:10:31,110 --> 00:10:33,809 Andrew Alcock: for their accountant. We'd love to help in that space 211 00:10:33,809 --> 00:10:36,120 Andrew Alcock: as well. So, in the short term, we're absolutely thinking 212 00:10:36,120 --> 00:10:39,209 Andrew Alcock: about our current client base being serviced by advisors, but 213 00:10:40,800 --> 00:10:43,260 Andrew Alcock: we're committed to helping as many Australians as we can. 214 00:10:44,610 --> 00:10:46,949 Sean Aylmer: Ask a CEO of an ASX listed company, and they 215 00:10:46,950 --> 00:10:49,679 Sean Aylmer: never like to answer questions about share prices, but I 216 00:10:49,679 --> 00:10:52,950 Sean Aylmer: talked about it in the introduction, but since the beginning 217 00:10:52,950 --> 00:10:54,780 Sean Aylmer: of the pandemic, your share price has tripled. 218 00:10:55,470 --> 00:10:57,270 Andrew Alcock: I only found out today that we were listed. I 219 00:10:57,270 --> 00:10:57,479 Andrew Alcock: didn't know. 220 00:10:59,730 --> 00:11:00,630 Sean Aylmer: What a great answer. 221 00:11:01,080 --> 00:11:02,910 Andrew Alcock: Somebody told me, and I feel like the media people have let me down. It's been going on for nine years 222 00:11:05,460 --> 00:11:07,860 Sean Aylmer: It's your investor relations people, never your media people. 223 00:11:08,220 --> 00:11:10,709 Andrew Alcock: Hey, it's funny, because as a CEO, I'll get a 224 00:11:10,710 --> 00:11:13,860 Andrew Alcock: bit more personal here, you can't be distracted by that, 225 00:11:13,860 --> 00:11:16,140 Andrew Alcock: because that's the function of the market or how people value 226 00:11:16,140 --> 00:11:19,920 Andrew Alcock: your future. Whilst there's science and there's subjectivity in it, 227 00:11:19,920 --> 00:11:22,950 Andrew Alcock: but yes, yes, look, our share price has grown. Some would 228 00:11:22,950 --> 00:11:26,309 Andrew Alcock: say we're undervalued. Some would say we're overvalued. We're just 229 00:11:26,309 --> 00:11:29,250 Andrew Alcock: focused on our strategy and the opportunity that's here, and 230 00:11:29,250 --> 00:11:30,960 Andrew Alcock: we love doing what we are doing. And if we 231 00:11:30,960 --> 00:11:33,329 Andrew Alcock: get it right for our customers and it's sustainable, well, 232 00:11:33,330 --> 00:11:36,270 Andrew Alcock: hopefully the economics go up as well. And that's what 233 00:11:36,270 --> 00:11:38,309 Andrew Alcock: we've done over the last few years. So, it should 234 00:11:38,309 --> 00:11:40,800 Andrew Alcock: look after itself, but there's been a phenomenal rise for 235 00:11:40,800 --> 00:11:44,040 Andrew Alcock: which we're humbled and grateful, but we get out of 236 00:11:44,040 --> 00:11:46,020 Andrew Alcock: bed in the mornings to do the job we want 237 00:11:46,020 --> 00:11:48,600 Andrew Alcock: to do, which is filling this gap and empowering people 238 00:11:48,600 --> 00:11:49,349 Andrew Alcock: with a better future. 239 00:11:49,679 --> 00:11:51,990 Sean Aylmer: Well, there are plenty of shareholders who are grateful. Andrew, 240 00:11:51,990 --> 00:11:53,670 Sean Aylmer: thank you for talking to Fear and Greed. 241 00:11:54,000 --> 00:11:54,780 Andrew Alcock: Thank you very much, Sean. 242 00:11:55,440 --> 00:11:58,590 Sean Aylmer: That was Andrew Alcock, managing director of Hub 24. This 243 00:11:58,590 --> 00:12:01,050 Sean Aylmer: is the Fear and Greed Daily Interview. Remember, this information 244 00:12:01,050 --> 00:12:03,959 Sean Aylmer: is general in nature, and you should seek professional advice 245 00:12:03,960 --> 00:12:06,900 Sean Aylmer: before making any investment decisions. Join us every morning for 246 00:12:06,900 --> 00:12:09,390 Sean Aylmer: the full episode of Fear and Greed, Australia's most popular 247 00:12:09,450 --> 00:12:12,120 Sean Aylmer: business podcast. I'm Sean Aylmer. Enjoy your day.