Count’s wealth-e-account cracks $1 billion
Count Financial’swrap account, the wealth-e-account, has broken the $1 billion threshold for funds under administration after only 3 years in operation, leaving Count managing director Barry Lambert looking ahead to even more dramatic growth.
Neither the terrorist attacks in September, nor floundering investment markets appear to have put a dent in Lambert’s expectations for the fund, with Count releasing a statement to the Australian Stock Exchange yesterday predicting the $2 billion milestone would be surpassed before long.
“It took just over two years to reach the first $500 million funds under administration in the wealth-e-account, and another year to reach the second $500 million. I expect wealth-e-account to break $2 billion by 31 December, 2002,” he says.
Lambert says the fund suffered from the market uncertainty brought on by the terrorist attacks on the US in September, but in October has experienced a strong recovery. He is optimistic about the fund’s growth in the future which he attributes to the generous financial arrangements in place allowing advisers to retain all of the upfront and ongoing advice fees for the wealth-e-account.
“While this does impact on Count’s profits in the short term — and this year will be no exception — the impact on Count’s profits diminishes each year as the funds under administration increases,” Lambert says.
Lambert says he expects the wealth-e-account to be a major drawcard to advisers, bringing in new ones to both theCount Wealth Accountantsand Compound Investments networks.
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.
