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It appears that Tavistock has a planned baseline loss situation in place which has been catering for acquisitions and their aggressive recruitment program. A possible motive for the “controlled losses” are as follows: The sector has been consolidating rapidly because there are other financial companies like Tavistock,who are buying up firms of which 30% are looking to sell in the next two years. There are roughly about 11,000 Firms in total, nearly 60% of firms are sole traders and only 13 firms have more than 100 advisers. In short, it is a competing buyers’ market, however, at some point this situation will slow down. Thus more cash shall be realized into profits.That is my viewpoint.

Wed, 23rd Nov 2016 The G Ordinary Shares, as a class, can be converted at any time between 1 August 2016 and 31 July 2018 at the request of the holders into 45,854,034 fully paid new ordinary shares of 1p each in the Company. Mr Cooke and Mr Raven have notified the Company of their intention to convert, which is irrevocable, and the resolutions required to give effect to the conversion will be put to shareholders in the coming months.

ALLENBY CAPITAL https://goo.gl/PWu963

Capital Network Conclusion Combining the two alternative measures detailed above as an average of our 12 - 24 month expectation we arrive at our fair value for Tavistock Investments shares of 10.4p. We think AuM will grow above the current £500m to c.£1000m over this timeframe and that the company will continue to deliver on maintaining fixed costs resulting in positive geared profit generation. https://goo.gl/rSVAb2

I do recommend reading their report because it gives plenty of insights into the financial sector which both companies, Tavistock and Harwood exist, share, and compete in. Furthermore, the potential that is out there is evolving especially with the increasing climate of transparency, also reduction in adviser numbers, 'advice gap', technology, and the favourable environment for acquisitions, which are being capitalized on by both companies. For example quote “Further changes to the sector may result from the FCA's investigation into competition in the asset management industry, whose results are due for publication in early 2017. The Asset Management Review is examining fees and profitability in asset management, as well as the investment consulting market.” https://goo.gl/MkXOIN This is going to be significantly felt in foreign investments by asset managers who have not properly assessed the correct level of risk attitude of customers and the incongruence of customer expectations.

Trying to read between the lines: Tavistock is going down the passive index investment approach with its steady returns. Steve Moseley, former business development director of Tavistock Wealth appeared to be a lot more into active investing. This has the potential for higher returns but greater risk and with it losses. Brian Raven is called the consolidator and so was Moseley with sterling Mc Call. I was just wondering if there was a clash of investment styles and corporate vision?

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How much dividend? Dividend Policy The Board’s aim is to pay out up to 20 per cent. of the Company’s distributable reserves by way of dividend in each year........... . As soon as the Board deem it appropriate to do so they will recommend the payment of dividends to Shareholders and will look thereafter to manage a dividend stream. http://tavistockinvestments.com/wp-content/uploads/2015/01/150119-Tavistock-AIM-Admission-Document.pdf

Why relevant? Tavistock Wealth has already moved toward a policy of passive investing and gravitated way from active funds. Passive investing is performing better. 13 Jan 2017 Financial Times The world’s two largest asset managers, BlackRock and Vanguard, enjoyed the largest inflows in their history last year as a record amount of money moved into low-cost passive investments at the expense of traditional actively managed funds. BlackRock, the world’s largest asset manager, said it took in net inflows of $202bn in 2016, as its assets under management rose 11 per cent year on year to stand at $5.14tn.

He adds that advisers are also given the option to acquire equity in the business as a way of aligning their interests.

30 Jun, 2016 Wealth Manager by Jonathan Yarker It was not long ago that Raven said the firm was aiming to be a ‘more modern version of St James’s Place’ (SJP) that did a ‘better job’. Advancing this sentiment, Peel says he is keen for the company to find its own path and ultimately be replicated itself. ‘We look at SJP and a lot of it works well, but we question some of the economics of their model,’ he says. ‘In essence, it was a good structure for us to try to replicate, where we either had direct control of adviser businesses or a network relationship, with a vital offering of money management. It was important to offer a highly compliant, regulated business that runs suitable investments

Mon, 28th Sep 2015 RNS Brian Raven, Tavistock's Chief Executive, commented: "We are delighted to announce our collaboration with BlackRock, which will provide Tavistock's clients with a world-class investment proposition. The portfolio construction of the Tavistock PROFILES using research allocation data from BlackRock is enormously valuable. This is a huge step for Tavistock towards becoming a key influence in the UK financial services sector and we very much look forward to working with BlackRock." Top 400 Asset Managers 2015 https://goo.gl/wuygE1

Reading St James`s Place Februarys 2016 report can give suggestions and guidance about the market that Tavistock is competing in. However, it also shows the enormous potential that is out there. https://goo.gl/MMPYTd May`s report Lessons from the USA • US market has double the number of advisers per head than the UK (1:1100 vs 1:2500 UK) • Average wealth per adviser broadly comparable at circa £40m • 80% of US consumers used a financial adviser to purchase a mutual fund – 45% relied exclusively – 35% used a combination of direct and advice – Just 12% of consumers were entirely self-directed • Consumers want financial advice and advice fees have been resilient • Administration has been commoditised and associated fees have consequently reduced • Personal relationships overwhelmingly preferred over ‘‘robo-advisers’’ for financial advice • 69% of Generation X and baby boomers say: ‘‘I don’t really trust online advice.’’ https://goo.gl/k4fFLH

UK individuals with between £50k and £5m of liquid assets 10,496,000 for 2017 10,957,000 for 2018 11,376,000 for 2019 Amount of liquid assets held by UK individuals with more than £50k £1,706bn for 2017 £1,755bn for 2018 £1,809bn for 2019 Datamonitor Global Wealth Management Report, 3 February 2016

• The market is big • Favourable demographics • The tax burden is increasing • Move from state to individual responsibility • UK high net worth individuals want face-to-face advice • Limited access to advice as adviser numbers have reduced

Valuation Tavistock’s current rating on any measure compares favourably with the peer group, although it is the recent IPO of Harwood Wealth (AIM: HW.) that highlights the quantum of this discount. If Tavistock were valued on the same assets under influence multiple as Harwood (3.2%), it would suggest a market capitalisation of £130m, or in excess of 30p per share on a fully diluted basis. To arrive at our valuation, we have taken a far more prudent view, assessing Tavistock on a blend of EV/EBITDA and EV: AUI metrics against a peer group of similar companies in the wealth management space. Our valuation is 13.5p per share, more than treble the current price and a 35% uplift on our previous 10p per share target https://goo.gl/XjAggk

Top 100 Financial Advisers 2016 in association with Strategic Insight https://goo.gl/8c46BF Tavistock is 29 and now compare with Harwood Wealth Management who are 28.If you read Harwood`s RNS Tue, 29th Mar 2016 you can understand the business opportunity here. Harwood Wealth (AIM: HW.) The Directors consider that the UK wealth management industry is currently very fragmented and, as such, believe that a large proportion of the Group's anticipated future growth will continue to arise through acquisitions and market consolidation. Indeed, it has recently been reported that up to one third of regulated financial advisers would consider selling their businesses1, whilst separate data revealed that over the previous five quarters, there had been around 45 regulated financial adviser consolidations in each quarter.2 Further data published at the same time revealed that the UK market had 183 regulated financial adviser businesses worth £5 million or more and that below this were 5,600 businesses worth less than £5 million.3 .................. The market understands Harwoods business model, developing the business then go public.In comparison ,Tavistock has started from a shell .The reason why the price is so low is basically ,the market has disbelief that this model can work.The Tavistock team and Headed by Mr Oliver Cooke vision has come through.

https://goo.gl/mc7MuR 6.1p and 11.5 p It should be even higher

Further to the announcements made on 23 November 2016, Tavistock Investments plc ("Tavistock" or the "Company") announces that admission of the 36,733,333 Placing Shares, 33,266,667 Subscription Shares and 21,263,462 A mixture of overhang and poor liquidity. Aims best kept secret

Talktalk are aligned in to receive the results that they achieve.Simple cause and effect. All their activity has resulted to this point in time and place -share price £155.40. If there was no hacking customer accounts, the Autumn report more up beat,less derampers and shorters, Massive reduction in Debt,etc ,etc we would have a different picture, in fact if talktalk were running to their full potential and the wind was blowing into their sails, moving them in the right direction. we would have £2.90 already. That is how a brokers rating is best perceived .