DKN posts steady half-year profit
DKN Financial Group has announced steady half-year results, reporting a net profit after tax (NPAT) of $3.73 million, which is 3 per cent short of its NPAT for the corresponding period.
Despite the slight fall in profits, funds under administration (FUA) for the group have continued to build to $7.92 billion, up 6.5 per cent since June last year and 2 per cent on 2010 half year results.
In a statement to shareholders, DKN chief executive Phil Butterworth said the company continued to deliver stable returns to investors despite a difficult environment in the wealth management sector.
He cited a lack of confidence among investors since the start of the global financial crisis as one of the key reasons for a lull in business and low investment flows.
He also pointed to the introduction of the Government’s Future of Financial Advice (FOFA) reforms as having a significant impact on the business to ensure that advisers are “reform ready” ahead of time.
“This has involved a significant commitment from senior advisers and principals, which has had an impact on new business development for many practices,” he said.
Until the lack of clarity surrounding legislative change is resolved, Butterworth said conditions for the sector would remain difficult.
Recommended for you
In this week’s special edition of Relative Return Insider, we bring you outgoing Financial Services Minister Stephen Jones’ keynote from Momentum Media’s Election 2025 event, followed by a Q&A focused on the Delivering Better Financial Outcomes reforms.
In this week’s episode of Relative Return Unplugged, Dr Vladimir Tyazhelnikov from the University of Sydney’s School of Economics joins the show to break down the shifting sands of global trade dynamics and attempt to understand the way US President Donald Trump is employing tariffs.
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
