Count buffeted but in black
Accountancy-based financial planning dealer group Count Financial Limited has suffered a buffeting in the current market, with its September quarter report revealing declines across a range of measures, including a 6.3 per cent fall in funds under advice.
However, the company maintains that it remains profitable and in a position to benefit when markets improve.
In an announcement released to the Australian Securities Exchange, Count said that funds under advice in preferred platforms had declined by 15 per cent over the 12 months, but compared this to a 27 per cent reduction in the All Ordinaries Accumulation Index and a 30 per cent reduction in the All Ordinaries Index.
Furthermore, the company said Count’s recommended low cost/low margin BT platform for portfolios over $750,000 now stood at $0.75 billion, down just 8 per cent over the last 12 months.
Count said that funds under administration excluding direct property but including direct shares had fallen by 19 per cent over the last 12 months and now totalled $3.71 billion.
In a management comment covering the situation, Count’s ASX announcement said funds under advice had been negatively impacted by market conditions but the company remained well positioned to benefit when markets resumed their long-term growth.
It noted that a meeting of Count’s top 50 franchisees this week had been very positive in circumstances where the company remained profitable and in a strong financial position.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
