Deakin recovers to scrape into the black
Deakin Financial Services Grouptoday announced a profit for the financial year ended 30 June 2002 of $31, 078.
The modest profit result represents a dramatic turnaround from the previous year when the company recorded an $11.5 million loss.
Deakin’s balance sheet also showed improvement after the provider raised almost $7 million in new capital during the year.
Deakin Chairman Rob Hunwick attributes the recovery to elimination of non-core activities and the development of the core business of financial services distribution.
“Together with an improvement in the overall administration of the Group and the recent capital raisings, Deakin now has a very strong balance sheet and a reliable foundation on which to build its future,” he says.
Hunwick says the group will now focus on building new product platforms for its advisers and increasing its distribution network, particularly in New South Wales and Queensland.
In July, Deakin announced that it was in the hunt for a further 100 planners and that it would set up its own master trust and front end software systems.
Deakin currently has some 111 licensed financial advisers operating around the country, with 75 of those based in Victoria and 24 in Western Australia. The remainder are spread across the other states.
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.
