Snowball rolls a solid profit
Financial services business Snowball Group has posted a solid first-half profit, recording an 18 per cent revenue growth, which the firm expects to maintain for the remainder of the financial year bolstered by recent acquisitions.
Commenting on the result and the future outlook, Snowball managing director Tony McDonald said despite a softening of investment markets towards the end of 2007, financial planning revenue growth remained strong.
“Delivering superannuation advice constitutes a significant chunk of our business. Given its preserved nature, superannuation money is not as susceptible to the impact of negative customer sentiment during periods of market volatility. When you add in the fact we maintain diversified portfolios on behalf of clients, we’re in a good position to reduce the impact of equity market downturns, which in turn translates into protection, and indeed growth, of funds under advice,” McDonald said.
Snowball acquired equity stakes in three more New South Wales-based financial planning practices, Money Management reported earlier this month, which added to its funds under advice by about $200 million bringing total funds under advice to more than $4.2 billion.
Recommended for you
In this episode of Relative Return, host Laura Dew is joined by Andrew Lockhart, managing partner at Metrics Credit Partners, to discuss the attraction of real estate debt and why it can be a compelling option for portfolio diversification.
In this week’s episode of Relative Return Unplugged, AMP’s chief economist, Shane Oliver, joins us to break down Labor’s budget, focusing on its re-election strategy and cost-of-living support, and cautioning about the long-term impact of structural deficits, increased government spending, and potential risks to productivity growth.
In this episode of Relative Return, host Laura Dew chats with Mark Barnes, head of investment research, and Catherine Yoshimoto, director of product management, from FTSE Russell about markets in Donald Trump's second presidency and how US small caps are faring compared to their large-caps counterpart.
In this episode of Relative Return Unplugged, we examine the push for superannuation tax reforms aimed at saving $10 billion annually, as well as the immense pressure being placed on Treasurer Jim Chalmers ahead of the budget and Deloitte’s warning of a $26.1 billion deficit.
