Latest news with #IonicWealth
Mint
08-07-2025
- Business
- Mint
Will smallcaps rebound in H2 2025 after underperforming in H1? Experts see early signs of recovery but caution persists
India's stock market in the first half of calendar year 2025 (H1CY25) painted a tale of divergence between large-cap strength and small-cap weakness. While benchmark indices like the Sensex and Nifty posted strong gains of around 8 percent, the same could not be said for their smaller counterparts. The BSE Midcap index remained largely flat with a marginal 0.2 percent gain, and the BSE Smallcap index fell 1.7 percent, reflecting growing investor caution amid global uncertainties and valuation concerns. With the onset of H2CY25, the key question for investors is whether this subdued segment is poised for a turnaround or if further volatility lies ahead. The underperformance of mid- and small-cap stocks in the first half of the year was not entirely unexpected. Several factors weighed on investor sentiment. A major trigger was the heightened global risk-off mood driven by geopolitical tensions, including reciprocal tariffs and supply chain uncertainties. Foreign institutional investors (FIIs), typically wary of risk in times of global uncertainty, significantly reduced their exposure to Indian small- and mid-cap stocks. This shift was reinforced by weak corporate earnings in Q3FY25, especially from smaller companies that failed to meet expectations, resulting in further downgrades. Adding to this pressure was muted credit growth in large corporate and consumer durable loan segments, which disproportionately impacted smaller companies more reliant on external financing. The result was a sharp pullback in riskier assets. The Nifty Smallcap 100 index, for instance, was down nearly 14 percent by mid-April, while the Nifty Midcap 100 had slipped by around 9 percent. In contrast, largecaps held relatively steady, with the Nifty 50 staying mostly flat during the same period, offering a safer haven for investors. Despite the poor showing in the early months, there were signs of a rebound toward the end of H1CY25. According to data from Ionic Wealth, the BSE Smallcap index staged a significant comeback, rising more than 20 percent in the second quarter alone. This resurgence was driven by improving corporate earnings, particularly in Q4FY25, as well as renewed interest from domestic institutional investors and retail participants who viewed the correction as a buying opportunity. Iconic Wealth noted that many small-cap names, after enduring steep losses, had entered oversold territory by April. This created fertile ground for a technical and sentiment-driven bounce. The market breadth also showed signs of improvement, as previously underperforming stocks found buyers on the back of stabilising macro conditions and promising corporate updates. Several macroeconomic tailwinds are now aligning in favour of a potential smallcap resurgence. The Reserve Bank of India's dovish policy stance, easing inflation, and recent moderation in oil prices are collectively creating a supportive backdrop. Moreover, FIIs, who were net sellers during early 2025, have begun returning to Indian equities, providing a much-needed sentiment boost. Adding to this optimism are sector-specific fundamentals. Bajaj Finserv Asset Management, in its recent study, highlighted that while the small-cap index has delivered only 4 percent returns since FY24, profit after tax (PAT) has surged by 38 percent, indicating strong underlying performance that has not yet been fully priced in. Furthermore, 74 percent of the top 250 small-cap companies have reported double-digit returns on capital employed (ROCE), suggesting that a large portion of the segment remains fundamentally strong. Analysts at Ionic Wealth also pointed to the historical correlation between profit growth and equity market rallies. In years like FY21, FY22, and FY24—periods of robust PAT expansion—equity indices delivered double-digit returns. This pattern supports the argument that the current earnings revival in smallcaps could drive the next leg of the market rally. Even with these positives, caution continues to prevail among analysts. One of the biggest red flags remains valuations. Forward price-to-earnings (P/E) ratios for small- and mid-cap indices stand at 35.8x and 24.5x respectively—well above historical averages. Analysts worry that such elevated multiples could limit further upside, especially if earnings momentum does not hold up. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that while quarterly earnings have improved, investors must remain selective. 'Despite that, quality mid and smallcaps have the potential to outperform,' he said, but added that valuations need to be taken into account when chasing returns in this space. Ionic Wealth echoed this sentiment, highlighting that while liquidity flows and earnings have improved, a broad-based rally across all smallcaps remains unlikely. Instead, stock-specific strategies, driven by earnings visibility and strong fundamentals, are likely to perform better. Interestingly, investor flows into small-cap funds have remained strong despite the segment's recent underperformance on the bourses. According to data from the Association of Mutual Funds in India (AMFI), smallcap schemes received ₹ 3,214 crore in May 2025—higher than midcap and largecap schemes. This suggests that investors, particularly retail and SIP-based participants, continue to bet on the long-term growth potential of smallcaps. Between January and May 2025, smallcap schemes accounted for over 15 percent of total equity fund inflows, reinforcing the idea that investor interest in this segment remains intact, even during periods of underwhelming short-term returns. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
04-07-2025
- Business
- Mint
India Inc's FY25 profit growth outpaces GDP 3x, midcaps and smallcaps lead: Ionic Wealth report
India Inc ended FY25 on a strong note, with corporate profits growing at a pace three times faster than GDP, according to Ionic Wealth's latest 'India Inc FY25: Decoding Earnings Trends & Path Ahead' chartbook. The research report attributes this earnings momentum to easing inflation, robust domestic demand, lower debt costs, and operating efficiencies across mid and smallcap segments. Ionic Wealth expects the growth trend to sustain into FY26, with capital expenditure plans accelerating across sectors and margins set to improve further. Ionic Wealth said that India Inc's post-COVID earnings momentum continues to impress, with profits (led by mid and small caps) surging at a compound annual growth rate (CAGR) of 30.3 percent during FY20–25, compared to just 10.5 percent for GDP. Corporate profits as a share of GDP have risen from 1.9 percent in FY20 to 6.9 percent in FY25, though still well below the US benchmark of 16 percent, signaling further upside potential. As per Ionic Wealth, Nifty 500 companies posted revenue growth of 6.8 percent, EBITDA growth of 10.4 percent, and PAT growth of 5.6 percent YoY in FY25. However, midcap and smallcap indices significantly outperformed largecaps. While largecaps posted just 3 percent PAT growth, midcaps delivered 22 percent and smallcaps came in at 17 percent. Ionic Wealth noted that margin expansion and better operating leverage aided the broader earnings resilience. The report pointed out that midcap and smallcap firms continue to deliver faster PAT growth than their largecap counterparts. This trend is particularly strong in sectors like Consumer Durables, Chemicals, Logistics, Healthcare, and Utilities. Ionic Wealth said this momentum could persist as smaller firms gain scale and efficiency. The post-COVID period has brought a shift in India's profit pool. Ionic Wealth observed that BFSI's contribution to Nifty 500 profits nearly doubled—from 20.2 percent in FY20 to 38.8 percent in FY25—while Technology, Oil & Gas, and Chemicals & Pharma saw their profit share shrink. Meanwhile, Automobiles and Capital Goods made modest gains in contribution. Ionic Wealth emphasized that stock market returns in FY21, FY22, and FY24 were strongly correlated with EBITDA and PAT growth, not revenue momentum. FY23 and FY25, which witnessed subdued profit growth, also saw muted market performance, reinforcing that 'profits move the market.' Private banks, NBFCs, Capital Goods, Consumer Durables, and Healthcare stood out with double-digit revenue and EBITDA growth, according to Ionic Wealth. Consumer Durables topped the list with a 45 percent rise in revenue and a 51 percent rise in EBITDA. Healthcare followed closely, while capital goods saw EBITDA grow 21 percent YoY. EBITDA margins across the Nifty 500 (ex-BFSI) improved to a four-quarter high of 16.8 percent in March 2025 from 15.9 percent in March 2024, aided by cooling inflation and better operating leverage. Ionic Wealth said sectors such as Cement, Capital Goods, Chemicals, and Metals saw visible improvement in margins. A notable trend highlighted by Ionic Wealth is the revival of private capex. Companies now hold a record ₹ 10.67 lakh crore in cash balances and are planning to double capital expenditure to ₹ 72.25 lakh crore over FY26–30. Nearly 80 percent of this planned spend is geared toward income generation and upgradation, with about 29 percent allocated to value addition and new growth opportunities. Ionic Wealth flagged that companies across sectors such as Oil & Gas, Power, Telecom, Textiles, and Construction undertook significant capex during FY23–25 without raising new debt. This self-funded capex signals healthier balance sheets and disciplined growth strategies, a theme the brokerage sees continuing in FY26. Ionic Wealth provided an extensive FY26 sectoral preview: Banking: Credit growth to remain subdued due to high CD ratios and unsecured loan stress. Margin pressure should ease in 2HFY26 as interest rates drop and loan demand revives. IT: BFSI demand to support revenues, but discretionary spending remains weak. Deal wins could drive better exits in 2HFY26. Pharma: Chronic care, CDMO enquiries, and hospital expansion will lead growth; US generics face margin pressure. Auto: Single-digit volume guidance and rising raw material costs are likely to cap earnings upside. FMCG: Rural recovery, tax breaks, and softer agri inflation are expected to boost volumes and margins. Metals: Ferrous players benefit from lower coal costs but face pricing risks; margin sustainability hinges on export recovery. Chemicals: Domestic demand remains strong but global oversupply and Chinese dumping could pressure margins. Capital Goods: Order books are swelling across renewables, defence, and data centres, backed by strong public capex. Cement: FY26 could see aggressive capacity expansion by top producers. EMS & Durables: Robust revenue growth expected, aided by global tie-ups, new projects, and R&D. Real Estate: FY25 launch delays will push bookings into FY26; faster approvals and active land acquisition to drive growth. Energy: Demand-surge and thermal project rollouts to boost earnings; firms are also shifting toward green hydrogen and energy storage. Ionic Wealth concluded that India Inc entered FY26 on solid footing, driven by strong profit growth, margin expansion, self-funded capex, and rising earnings contribution from midcaps and smallcaps. Despite global volatility, resilient demand and robust balance sheets support India's equity markets. Strategic capital allocation, improving profitability, and expanding margins across key sectors are likely to drive market performance into FY26 and beyond. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hans India
04-07-2025
- Business
- Hans India
Corporate bottom line growth 3x of GDP
Mumbai: India Inc has shown remarkable financial strength over the last five years, with corporate profits growing nearly three times faster than the country's GDP between FY20 and FY25, a new report said on Thursday. The profit-to-GDP ratio has risen significantly to 6.9 per cent -- reflecting strong earnings performance despite economic challenges, according to the data compiled by Ionic Wealth (Angel One). The report, titled 'India Inc. FY25: Decoding Earnings Trends & Path Ahead', highlights that FY25 was a resilient year for Indian companies. Revenue of Nifty-500 firms grew by 6.8 per cent year-on-year (YoY), while EBITDA rose by 10.4 per cent and profit after tax (PAT) increased by 5.6 per cent. Notably, mid-cap and small-cap companies outshined large-cap firms in terms of profit growth, recording 22 per cent and 17 per cent PAT growth respectively, compared to just 3 per cent for large caps. Sector-wise, BFSI (banking, financial services and insurance) emerged as a major driver of profitability, with its share of total profits nearly doubling since the capital goods, and consumer durables also posted healthy earnings growth. Consumer durables led with a massive 57 per cent PAT growth in FY25, followed by healthcare at 36 per cent and capital goods at 26 per cent, as per the also benefited from margin improvements in sectors such as cement, chemicals, metals, and auto, helped by easing inflation and better input cost management. The report also points to a significant jump in capital expenditure plans. India Inc. aims to nearly double its capex to Rs72.25 lakh crore during FY26–30, with a majority of the investment expected to be self-funded. Around 80 per cent of this capex is focused on upgrading existing operations and generating new income, with sectors like power, green energy, telecom, auto, and cement leading the next wave of investments. Looking ahead to FY26, the outlook varies by sector. Banks and NBFCs may see loan growth stabilise as interest rates are expected to ease in the second half of the year. The IT sector is likely to witness a recovery, driven by cost-optimisation deals and demand from BFSI clients. Pharma growth will be supported by expansion in chronic therapies and hospital networks, while the FMCG sector is expected to benefit from improving rural demand and a good monsoon, the report said.
Mint
02-07-2025
- Business
- Mint
Evolution of Angel One: How Dinesh Thakkar is thinking beyond broking?
Next Story Dipti Sharma Angel One founder Dinesh Thakkar is shifting focus from pure broking to building a multi-engine, full-stack FinTech platform with a strong wealth management push. This is at a time when big names like Shriram-Sanlam, Jio-BlackRock, and Groww are stepping up their game in the wealth management space. Angel One's Dinesh Thakkar is reinventing broking with digital bets, a new leadership team, and a sharp focus on stable, annuity-style revenue. Gift this article From pioneering the use of walkie-talkies on Dalal Street to weathering the Ketan Parekh crash that nearly wiped out his capital, Dinesh Thakkar has seen it all. Now, the founder and chairman and managing director of broking firm Angel One is writing a new chapter—building a digital-first full-stack financial powerhouse. From pioneering the use of walkie-talkies on Dalal Street to weathering the Ketan Parekh crash that nearly wiped out his capital, Dinesh Thakkar has seen it all. Now, the founder and chairman and managing director of broking firm Angel One is writing a new chapter—building a digital-first full-stack financial powerhouse. Angel One isn't chasing a fixed revenue mix but expanding into wealth was a natural step, Thakkar told Mint in an interview. 'Broking is volume-driven, while wealth and asset management are relationship-led. They're anchored in client trust and continuity—resulting in stable, predictable revenue streams with annuity-like characteristics." This comes at a time when major players like the Shriram-Sanlam joint venture, the Jio-BlackRock AMC partnership, and Groww are making significant inroads into the wealth management space. Thakkar's firm recently appointed former Google tech leader Ambarish Kenghe as Group CEO and brought in ex-Kotak Cherry head Srikanth Subramanian to lead its wealth management vertical, Ionic Wealth by Angel One. Thakkar's goal is to build a "multi-engine, full-stack FinTech platform" that supports investors at every stage of their journey and earns their trust along the way. Ionic Wealth is aimed at India's 'emerging affluent"—investors with a net worth between ₹ 1 crore and ₹ 50 crore. 'This segment is long overlooked by traditional wealth managers and is one of the most under-served in India's wealth landscape," said Subramanian, the co-founder and CEO of Ionic Wealth by Angel One. 'We focus on quant-based strategies, global allocation, high-yield portfolios for second income, PIPE (public investment with private equity style) for long-term India exposure, and pre-IPO opportunities for short-term gains." Ionic Wealth has also secured the GIFT City Fund Management Entity license, furthering its ambitions in offshore and alternative investments. Neither Thakkar nor Subramanian shared any specific targets for Ionic Wealth. Revenue playbook The broking major's revenue playbook is shifting gears. That shift is about better margins, stronger client retention, and higher lifetime value. 'Our revenue model is fundamentally evolving. It is becoming more stable, recurring, and better aligned with how people actually plan and invest over time," says Thakkar. Total revenue from operations rose to ₹ 5,238 crore in FY25, up from ₹ 4,272 crore in FY24. Angel One's annual report FY24-25 highlighted that clients who have been with the broking firm for over five years continued to generate stable revenues. Angel One's stock has risen 25% in the past year. Analysts say a sustained market recovery will be important for the company to meet its target of 40–45% operating margin. However, growth in new areas like loan and fixed deposit distribution, wealth management, and asset management business could also help support its long-term performance. On Wednesday, the stock is down nearly 1% at ₹ 2,940.10 apiece on NSE. The stock had hit a 52-week high of Rs3,503.15 on 9 December 2024. Angel One, which had just 1.8 million customers over 25 years in its physical avatar, transformed radically post-2019 when it went fully digital. 'That year alone, we added nearly 2.5 million customers," said Thakkar. Today, Angel One boasts 31 million clients and a 15.4% share of active clients on the NSE, with ₹ 1.2 trillion in assets under custody. Angel One has seen a huge expansion in its client base over the years—adding just 600,000 clients in FY20, but surging to 9.3 million new additions by FY25, according to its March quarter investor presentation. As Subramanian put it, 'We've already seen 50% of transactions—like SIP mandates or portfolio reports—move to the app." Meanwhile, Angel One is also doubling down on brand muscle. 'During this year's IPL, Angel One was among the top three most visible brands. That kind of visibility matters; it builds awareness, trust, and preference, especially among younger, digital-first investors," Thakkar added. Also read: IPO street is lighting up as hopes swell, global worries fade The wealth playbook As competition heats up in the broking and wealth space with several players offering low cost products, Group CEO Kenghe said the idea isn't to push products, but to empower investors to make their own informed choices. 'We've created a variety of instruments, but we don't tell clients what to pick," he said. He explained that Angel One is focussed on educating them so investors can decide what works best, and that, he believes, is what helps them stick to the platform. Are you reliable? You are up all the time? Are you fast? Are you safe? Are you simple? - that people often ignore and this is what matters the most for customers' stickiness, Kenghe added. Quoting the famous Ford anecdote, Kenghe said: 'If Ford had asked people what they wanted, they'd have said faster horses. By that they meant something that was easier to maintain, didn't get sick, didn't need feeding all the time, and didn't smell bad. So, instead, he gave them cars. We aim to understand what users truly need—not just what they say. Then we simplify things, stay transparent, and do right by them. When you do that, people naturally stick around." Headwinds from F&O volatility While Angel One is diversifying, broking—particularly futures & options (F&O) trading—remains central to its business. In Q4 FY25, F&O made up 77% of gross broking revenue. But it's not been smooth sailing. With Sebi proposing curbs on derivatives trading, retail-heavy brokers like Angel One have felt the heat. The group's average daily turnover (ADTO) for both cash and F&O fell from ₹ 40 trillion in Q3 FY25 to ₹ 32 trillion in Q4—a 20% drop. Industry-wide, combined ADTO on NSE and BSE declined 26%. Broking revenue growth moderated to ~13% in FY25 from 40% the previous year, according to a CRISIL report dated 29 April. Still, Thakkar remains optimistic: 'Volumes are recovering. We've crossed 5 million daily trades again." Despite the dip in trading volumes during Q3 and Q4 of FY25, the group has held its strong position in the equity broking space and is among the top three players in terms of active client base and second largest in terms of incremental active client additions as on 31 March, 2025, the report highlighted. Also read: Angel One's March quarter hit by new Sebi curbs on F&O trading Road ahead Thakkar said he's not chasing global expansion yet: 'India is a massive opportunity. We want to go deeper here first." That said, Angel One is looking at bringing international products to Indian investors and is open to joint ventures. He's also open to new licenses. 'If the RBI allows a banking license, that's something we'd explore. But even a fully digital license could help us serve retail customers better." The real challenge, he said, is not spotting big opportunities—but finding the right people who share the vision. Also read: Brokers seek time to prepare for same day settlement Topics You May Be Interested In Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Mint
02-07-2025
- Business
- Mint
From walkie-talkies to WealthTech: How Dinesh Thakkar is thinking beyond broking for Angel One
From pioneering the use of walkie-talkies on Dalal Street to weathering the Ketan Parekh crash that nearly wiped out his capital, Dinesh Thakkar has seen it all. Now, the founder and chairman and managing director of broking firm Angel One is writing a new chapter—building a digital-first full-stack financial powerhouse. Angel One isn't chasing a fixed revenue mix but expanding into wealth was a natural step, Thakkar told Mint in an interview. 'Broking is volume-driven, while wealth and asset management are relationship-led. They're anchored in client trust and continuity—resulting in stable, predictable revenue streams with annuity-like characteristics." This comes at a time when major players like the Shriram-Sanlam joint venture, the Jio-BlackRock AMC partnership, and Groww are making significant inroads into the wealth management space. Thakkar's firm recently appointed former Google tech leader Ambarish Kenghe as Group CEO and brought in ex-Kotak Cherry head Srikanth Subramanian to lead its wealth management vertical, Ionic Wealth by Angel One. Thakkar's goal is to build a "multi-engine, full-stack FinTech platform" that supports investors at every stage of their journey and earns their trust along the way. Ionic Wealth is aimed at India's 'emerging affluent"—investors with a net worth between ₹1 crore and ₹50 crore. 'This segment is long overlooked by traditional wealth managers and is one of the most under-served in India's wealth landscape," said Subramanian, the co-founder and CEO of Ionic Wealth by Angel One. 'We focus on quant-based strategies, global allocation, high-yield portfolios for second income, PIPE (public investment with private equity style) for long-term India exposure, and pre-IPO opportunities for short-term gains." Ionic Wealth has also secured the GIFT City Fund Management Entity license, furthering its ambitions in offshore and alternative investments. Neither Thakkar nor Subramanian shared any specific targets for Ionic Wealth. Revenue playbook The broking major's revenue playbook is shifting gears. That shift is about better margins, stronger client retention, and higher lifetime value. 'Our revenue model is fundamentally evolving. It is becoming more stable, recurring, and better aligned with how people actually plan and invest over time," says Thakkar. Total revenue from operations rose to ₹5,238 crore in FY25, up from ₹4,272 crore in FY24. Angel One's annual report FY24-25 highlighted that clients who have been with the broking firm for over five years continued to generate stable revenues. Angel One's stock has risen 25% in the past year. Analysts say a sustained market recovery will be important for the company to meet its target of 40–45% operating margin. However, growth in new areas like loan and fixed deposit distribution, wealth management, and asset management business could also help support its long-term performance. The stock is down nearly 1% at Rs2,940.10 apiece on NSE. The stock had hit a 52-week high of Rs3,503.15 on 9 December 2024. Angel One, which had just 1.8 million customers over 25 years in its physical avatar, transformed radically post-2019 when it went fully digital. 'That year alone, we added nearly 2.5 million customers," said Thakkar. Today, Angel One boasts 31 million clients and a 15.4% share of active clients on the NSE, with ₹1.2 trillion in assets under custody. Angel One has seen a huge expansion in its client base over the years—adding just 600,000 clients in FY20, but surging to 9.3 million new additions by FY25, according to its March quarter investor presentation. As Subramanian put it, 'We've already seen 50% of transactions—like SIP mandates or portfolio reports—move to the app." Meanwhile, Angel One is also doubling down on brand muscle. 'During this year's IPL, Angel One was among the top three most visible brands. That kind of visibility matters; it builds awareness, trust, and preference, especially among younger, digital-first investors," Thakkar added. Also read: IPO street is lighting up as hopes swell, global worries fade The wealth playbook As competition heats up in the broking and wealth space with several players offering low cost products, Group CEO Kenghe said the idea isn't to push products, but to empower investors to make their own informed choices. 'We've created a variety of instruments, but we don't tell clients what to pick," he said. He explained that Angel One is focussed on educating them so investors can decide what works best, and that, he believes, is what helps them stick to the platform. Are you reliable? You are up all the time? Are you fast? Are you safe? Are you simple? - that people often ignore and this is what matters the most for customers' stickiness, Kenghe added. Quoting the famous Ford anecdote, Kenghe said: 'If Ford had asked people what they wanted, they'd have said faster horses. By that they meant something that was easier to maintain, didn't get sick, didn't need feeding all the time, and didn't smell bad. So, instead, he gave them cars. We aim to understand what users truly need—not just what they say. Then we simplify things, stay transparent, and do right by them. When you do that, people naturally stick around." Headwinds from F&O volatility While Angel One is diversifying, broking—particularly futures & options (F&O) trading—remains central to its business. In Q4 FY25, F&O made up 77% of gross broking revenue. But it's not been smooth sailing. With Sebi proposing curbs on derivatives trading, retail-heavy brokers like Angel One have felt the heat. The group's average daily turnover (ADTO) for both cash and F&O fell from ₹40 trillion in Q3 FY25 to ₹32 trillion in Q4—a 20% drop. Industry-wide, combined ADTO on NSE and BSE declined 26%. Broking revenue growth moderated to ~13% in FY25 from 40% the previous year, according to a CRISIL report dated 29 April. Still, Thakkar remains optimistic: 'Volumes are recovering. We've crossed 5 million daily trades again." Despite the dip in trading volumes during Q3 and Q4 of FY25, the group has held its strong position in the equity broking space and is among the top three players in terms of active client base and second largest in terms of incremental active client additions as on 31 March, 2025, the report highlighted. Also read: Angel One's March quarter hit by new Sebi curbs on F&O trading Road ahead Thakkar said he's not chasing global expansion yet: 'India is a massive opportunity. We want to go deeper here first." That said, Angel One is looking at bringing international products to Indian investors and is open to joint ventures. He's also open to new licenses. 'If the RBI allows a banking license, that's something we'd explore. But even a fully digital license could help us serve retail customers better." The real challenge, he said, is not spotting big opportunities—but finding the right people who share the vision. Also read: Brokers seek time to prepare for same day settlement
