Clime streamlines, tightens belt
Clime Investment Management has looked to reduce costs and streamline its operations acknowledging that it has closed two small retail fund offerings and replaced seven of its separately managed funds.
The owner of financial planning group, Madison, announced the moves to the Australian Securities Exchange (ASX) late on Friday noting that it had also “further consolidated Madison, WealthPortal, ProActive Portfolios and AdviceNet into the Clime Group”.
It said that to complement its strategy, the company had initiated ‘Project Streamline’ “which includes a number of actions designed to reduce costs, better support our people, allow real focus on our key products, ensure best practice governance and compliance, support improved client service and promote revenue growth”.
“As a result, we are in the process of replacing seven of the Clime separately management funds (SMAs) with ProActive’s SMA portfolios and have taken steps to eliminate a number of duplicated supplier arrangements, expand our investment product available on investment platforms, and update our website,” it said.
“During the last quarter Clime also closed two small retail fund offerings which were deemed uneconomical and offered those investors direct access to Clime Capital Limited.”
Recommended for you
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.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
