AFS increases revenue by 34 per cent
Australian Financial Services Group (AFS) practices have increased their revenues by 34 per cent over the past year, according to managing director Peter Daly.
In a professional development presentation to AFS advisers, Daly said despite the financial crisis, the majority of AFS group practices under its board of advice (BOA) program had “defied the downturn” and increased revenue income by an average of 34 per cent.
AFS introduced the BOA program in 2006 to help implement a program to achieve the practices' business objectives. It has 42 practices under the program, with plans to increase the number to 60 in the next year, AFS said in a statement.
AFS was negotiating earlier this year to acquire two more practices after the rejection of two merger offers by AFS to Total Financial Solutions Australia.
Daly previously said profits were down by 50 per cent and 60 per cent in January and February this year respectively.
AFS has also appointed the managing director of Elixir Consulting, Sue Viskovic, to the BOA initiative.
Incorporating Elixir into the initiative will provide its practices with a blended program that will help them adopt a better model and structure for their client services, Daly said.
The augmented program will be rolled out to 20 BOA practices next month.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
