Count merges Compound as profits rise
Listed financial services group Count Financial will transfer advisers of Count owned dealer group Compound Investments to work under its parent brand and licence over the next few months.
According to Count, the decision to transition Compound advisers stems from a desire to reduce the group’s marketing and administration costs.
Count managing director Barry Lambert says the group will retain the licence for possible future use, while adding that the transfer of advisers, which only affects a relatively small number of advisers operating under the Compound banner, should be complete in a matter of months.
“We are looking to promote the one name — the accountants will operate under Count Wealth Accountants and the IFAs under Count Financial,” Lambert says.
The group also announced it has experienced a 40 per cent increase in funds under administration across its investment platforms.
The consolidation will mean those advisers working under the Count owned dealer group Compound Investments, launched in 2002, will now work under the Count licence.
The group says its accounting-based franchisees will continue to operate under the Count Wealth Accountants banner while its advisers will operate under Count Financial Limited.
In its quarterly business report to June 30, 2004, Count reported growth across all sections of its business and reconfirmed its mandate to further diversify its business activities.
Despite the predicted rate increases, the firm remains confident that market share growth will continue, and this month signed on NSW accountancy firm Roberts and Morrow to the network, bringing with it $100 million funds under advice.
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