Aust Unity posts better bottom line despite adviser exits


Australian Unity has managed to increase advice revenue despite decreasing its number of advisers and authorised representatives over the past financial year.
The company’s full-year results announcement to the Australian Securities Exchange (ASX) has revealed the company reported a 2.8 per cent increase in profit after tax to $53 million.
However, in the advice area, the company pointed to its change of leadership team and the loss of advisers.
It said the number of advisers including limited authorised representatives had decreased from 194 to 184 with funds under management (FUM) decreasing slightly over the year to $6.2 billion.
“The net decrease in advisers and FUM was largely due to the departure of some non-aligned self-employed practices,” the company said, adding that some new self-employed practices had also been recruited.
“Despite the decrease in FUM, advice revenue increased 6.3 per cent to $58.3 million,” it said. “In addition, self-managed investment accounts constructed by the advice business grew in FUM by $38.6 million to $201 million.”
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.