Australian Unity posts solid result
Australian Unity has posted a 31.7 per cent increase in full-year profit after tax to $46.8 million with its wealth business making a solid contribution.
The company said the result had been achieved on the back of a 34.2 per cent increase in revenues to $2.05 billion.
It said that in its advice-focused Personal Financial Services business funds under advice grew by 8.4 per cent to $6.53 billion with loans under advice up 3.6 per cent to $824 million.
The company’s Australian Securities Exchange (ASX) announcement said that the business achieved a significant milestone during the year with Australian Unity Trustees Limited being established and successfully obtaining its license to provide traditional trustee services.
It said this meant Personal Financial Services was able to provide end-to-end financial advice which would support the development deeper intergenerational relationships, service delivery to elderly and disabled clients, while also offering a more compelling proposition to referral partners.
It said total segment revenue was $65.8 million which was a marginal increase compared to the previous year, however the Personal Financial Services platform’s adjusted EBITDA decreased to $1.9 million for the year impacted by significant investment and restructure costs involved in preparing the Trustee Services business.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
