Count on track to meet growth targets

Strong first quarter results have Count Financial on track to achieving growth targets, with the company reporting an 11 per cent increase in funds under administration in its recommended platforms between July and September 2005, and 7 per cent in overall funds under administration.

Funds in the company’s recommended platforms — which include three BT platforms, Skandia, Colonial FirstChoice and Perpetual — jumped by $440 million in the first quarter, while overall funds under administration grew by $640 million.

Managing director Barry Lambert said increases in funds under administration in the recommended platforms was the main factor that would help the company achieve its 30 per cent forecast increase in EBIT for the full year to June 2006.

Loans have also been paying off for the company, with mortgages originated through the Count network and the ProfitPlus business increasing by 34 per cent in the last 12 months.

Last week, Lambert announced plans to reward advisers not aligned to Count Financial who attracted new business to the dealer group’s fledgling mortgage origination business ProfitPlus, with options in the dealer group.

The move, aimed at protecting the dealer group’s independent ownership and warding off banks and other institutions, gives advisers outside the Count network access to the same incentives as the dealer group’s own in-house financial planners.

Lambert said the incentive could ultimately be opened up to incorporate other Count services and products.

He said further profit guidance would be announced at the company’s annual general meeting on November 15.