AWI moves beyond van Eyk loss
Australasian Wealth Investments has told its shareholders it has the assets and the strategy to move beyond the loss it has incurred as a result of the collapse of van Eyk Research.
The company has made its position clear in its annual report, lodged with the Australian Securities Exchange (ASX) on Friday, in which its chairman, Andrew Banes pointed to a net loss of $6,724,534 largely attributable to its investment in van Eyk.
"This loss is disappointing but does not reflect the fact the overall portfolio of assets in the company at 30 June, 2014, is expected to generate positive earnings going forward," he said.
Specifically discussing van Eyk, Banes said, "our minority investment in van Eyk Research Pty Ltd has failed to meet our expectations".
"As you know, the Board wrote down the value of this investment by $5,825,584 during the first half of 2013/14. Since the end of 2013/14, van Eyk Research Pty Ltd entered into Voluntary Administration. We expect this event will impact further the value of this investment during 2014/15," he said.
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.