Advice client growth drives Prime's profit

chairman/

25 November 2008
| By Liam Egan |

Growth in its financial planning SMSF and accounting operations has helped Prime Financial Group post a 33 per cent increase in net after-tax profit for 2008.

The consolidation of core operating activities and a focus on business efficiencies and key growth opportunities also helped the group grow its net profit to $6.8 million from $5.1 million.

Chairman Stuart James said the profit increase “was achieved for a number of reasons, including strong organic growth in revenues across the main service lines, financial planning SMSF and accounting”.

However, he said adverse equity market conditions led to a “negative contribution” from its fund management operations and its listed investments, the Armytage Strategic Opportunities Fund.

He remains confident that “further integration of the planning division and benefit from the scale and simplified focus of its operation” will leave the group well positioned for 2009.

“Growth in new clients continues across the three key growth areas of financial planning, SMSF and accounting, albeit it at a slower pace due to the current market volatility,” he said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS