Fiducian posts 40 per cent profit lift
Financial planner group Fiducian Portfolio Services has outperformed for the half-year to December 31, recording a 40 per cent increase in net profit to $3.107 million.
The profit, announced on the Australian Securities Exchange, was achieved off the back of a 21 per cent increase in consolidated revenue of 21 per cent.
The company attributed the growth in profits compared to revenues to having contained growth in overheads.
It said it was examining opportunities for the acquisition of financial planning businesses and client bases when those arose.
“While we have expanded our Melbourne office with a number of additional financial advisers, no acquisitions of financial planning businesses were made during the past six months,” it said.
The company said it was continuing to invest in the quality of its distribution network with its financial planning and distribution team active in ensuring the ongoing development of its advisers’ knowledge and skill levels, which was translating into higher levels of funds placed by clients.
It said that the corporate offices of adviser representatives were now well-established in Victoria and Tasmania and the company was focused on building meaningful adviser representation in Western Australia and Queensland.
Fiducian said that new initiatives with independent dealers and placement of specific Fiducian funds on other platforms were in progress.
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