[Podcast] INTEGRAFIN With Roland Head And Maynard Paton

04 July 2023
By Maynard Paton

I have recorded another podcast with fellow investor and good friend Roland Head. This time we talked about IntegraFin, the FTSE 250 investment platform that offers many attractive qualities for long-term shareholders.

We discussed the recurring nature of the group’s revenue, the focus on serving financial advisers, the appealing-but-complicated financials and how the business compares to retail-investor platforms Hargreaves Lansdown and AJ Bell:

We cover: 

  • Introducing our new premium podcast service >>
  • IntegraFin’s Transact platform, serving financial advisers and recurring revenue.
  • Consistent new client money, growth history and watch-list position.
  • Differences and comparisons between IntegraFin, Hargreaves Lansdown and AJ Bell.
  • Client numbers, fees and passing on interest to clients.
  • ‘Responsible pricing’ and inspiration for Hargreaves Lansdown. 
  • Clients, advisers, clients per adviser and client money per adviser.
  • Movements in client money, client returns and client withdrawals.  
  • Handling onshore and offshore bonds with convoluted tax advantages.
  • Alternative UK financial-adviser platforms and market shares.
  • Blackrock’s model portfolio service, discretionary fund managers and layers of fees.
  • Client money on the balance sheet, cash generation and superb ratios. 
  • The insurance subsidiaries and their accounting. 
  • Co-founder Mike Howard, ‘thin-cat’ pay, other executives and no LTIP!
  • The lack of CFO, reporting errors and awkward auditor text.
  • Higher costs, the Transact website and past underinvestment?
  • Capturing new advisers, migrating clients to the platform and growth beyond Transact.
  • The earnings multiple, dividend income, payout policy and intriguing valuation.
  • Further thoughts on Hargreaves Lansdown and AJ Bell.
  • Shareholder risks, market downturns, regulation changes and what price to buy?     

Extra links:

Happy listening!

Maynard Paton

PS: The episode was recorded on 26 June 2023.

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