Planning revenue helps WHK to record profit
A 25 per cent increase in recurring revenue from financial planning helped WHK Group post a record overall net profit of $24.41 million for 2006-07, a 12 per cent increase over last year.
The accounting group’s financial planning revenue resulted from a 27 per cent increase in funds under administration (FUA) to $8.52 billion during the year, and a 0.64 per cent increase in the average margin on FUA.
FUA growth by the financial services department in 2007 was underpinned by new business inflows of 38 per cent to $933 million, compared to $674 million for 2006.
Financial services as a department contributed 38 per cent of WHK’s overall profitability, up from 32 per cent in the previous year and 18 per cent three years ago.
Group managing director Kevin White said the group is “ideally positioned to capitalise on the anticipated escalated growth in the burgeoning (superannuation) sector of the financial services market”.
Recommended for you
The emergence of DeepSeek, a Chinese artificial intelligence (AI) start-up that claims to have built an advanced large language model in just two months for under US$6 million, sent shockwaves through the AI world and cratered US tech stocks.
Donald Trump’s presidency has already begun reshaping the corporate and political landscape in the US, with executive orders rolling back diversity, equity, and inclusion (DEI) initiatives and clean energy efforts.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
