Equity Trustees happy with result
Equity Trustees has reported a better than expected first half result, but one that still amounted to a 10.8 per cent decline in net profit after tax of $3.7 million.
Commenting on the result, Equity Trustees chairman Tony Killen said the company was pleased with the result, which had been achieved despite difficult investment markets.
“The first half result was difficult given that the investment markets in the September 2009 quarter were much lower than the previous corresponding period,” he said. “It was only during the December 2009 quarter that investment markets moved ahead of the previous December quarter.”
Killen said that during the December 2009 quarter the company had also started to see more new business activity, including new responsible entity roles initiated by both local and overseas operators.
Looking towards the company’s full-year result, he said that in the absence of a major market correction the second half result should be solid.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
