Paragem's income at this stage is of no value as its breakeven...

Paragem's income at this stage is of no value as its breakeven at best. What is of value is the money they have under management and slowly convincing Paragem advisors to bring it onto the platform. I wouldn't worry about the current loses. they have been pretty clear that revenue is driven by FUM, and that is growing at a great rate based on growth in advisors and growth in advisors portfolio's and that the cost line is growing far slower than revenue.

As long as they keep independent and launching new features in a nimble way then the big boys will need to through 10x the money at it to try to keep up. Big players can dominate but they can never be responsive enough as the small nimble players, and independent advisor firms like independent platforms..