AustChoice posts strong revenue rise
AustChoiceFinancial Serviceshas reported a 51 per cent rise in revenues to report a pre-tax profit of $4 million.
Revenues for the year ending June 2002, were $5.15 million compared to $2.63 million in the previous 12 months.
AustChoice managing director Roger Gumley says the strong results were achieved by expansion of the co-operative financial services distribution company.
“This has been another very strong trading year, achieved by more financial planners using our expanded range of products and services,” he says.
“We have turned this strong revenue growth into a substantial increase in operating profit which is distributed to participating adviser shareholders as cash dividends and equity allocations.”
Planners, who own 80 per cent of AustChoice, will share fully franked dividends of $2.82 million, which is double last financial year’s distribution figure.
Gumley says the co-operative’s funds under advice have risen 30 per cent to $1.3 billion by the end of the 2002 financial year.
Earlier this year, AustChoice confirmed it had been approached by a number of groups offering to acquire the business.
AustChoice appointed accountants Pitcher Partners and lawyers Baker & McKenzie to advise on the offers.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
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.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
