Count calculating another good year
LISTED financial planning dealer group Count Financial is on track to exceed its operating profit growth target of 30 per cent for the third consecutive year.
In a recent statement to shareholders, Count attributed the result to both its franchisee businesses as well as favourable market conditions.
Assisted by strong investment markets, Count added a further 20 per cent in funds under advice, with a total of $7.62 billion on the books as at the end of the December quarter 2004.
Investments in recommended platforms grew by 24 per cent to $3.47 billion at the end of the December quarter 2004, compared to $3.06 billion reported in September 2004.
Other investments grew by 17 per cent to sit at $4.15 billion at the end of 2004, up from the $3.55 billion on the books at the end of the September period.
The news comes ahead of the group’s release of its 2004-05 half yearly results, which are scheduled to be announced on February 15.
Looking ahead to the first half of 2005, the group is also set to scrap an incentive program that rewards its planners for placing funds into preferred platforms.
The move, which was flagged to Money Management by Count managing director Barry Lambert in November last year, is an effort to reassure consumers that its planners are not pressured to use platforms with which Count has an arrangement.
Recommended for you
The levy payable by financial advisers for the Compensation Scheme of Last Resort has almost quadrupled for FY26 as the government launches a formal review.
Melbourne and Perth-based Endeavor Asset Management has added 24 financial advisers to its AFSL this week, with overall industry numbers rising by more than a dozen.
The industry has reacted to the retirement of Stephen Jones as Minister for Financial Services, recognising his efforts on scams and financial reforms.
Australian advised clients are the most eager among global peers to invest in private markets, according to Hamilton Lane, with their knowledge of the asset class also being higher.
