Bell signals further growth
Recovering equity markets and the acquisition of Southern Cross Equities in late 2008 has helped Bell Financial Group report a strong lift in profit for the 12 months to the end of December 2009 to $27.3 million.
Bell Group executive chairman Colin Bell said the group had traded profitably throughout the 2009 financial year, and had finished with a strong balance sheet and no operating debt (other than in the margin lending business).
He said the Equity capital market business had been the standout revenue driver across the group, while Southern Cross Equities had "made an outstanding contribution with its first full year of earnings to the group".
Bell said that Bell Potter Capital, which provides in-house margin lending and cash products, had also performed well despite difficult market conditions.
Bell pointed to the likelihood of further growth, saying the company was well placed to make acquisitions and to recruit talented people.
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
