Fiducian plots further planner acquisitions
Publicly-listed financial services firm, Fiducian Group Limited, has flagged further growth by acquisition in the financial planning space.
The company pointed to its strategy in its results announcement released to the Australian Securities Exchange (ASX) yesterday in which it reported a 15 per cent increase in underlying net profit after tax to $3,266,000 for the first half.
The company's announcement pointed to planning-related acquisitions of around $190 million of funds under advice (FUA) and noted that the additions had not fully contributed to the results of the current half year but were expected to do so in the second half.
"The Board is supportive of growth by acquisition in the current environment and we are progressing further opportunities for acquisition of financial planning practices," the ASX announcement said.
The announcement said the combined Funds under Management, Administration and Advice (FUMAA) had grown steadily by 49 per cent over the past three years to $4.4 billion as at December 2015.
It said the corporate entity responsible for administration at 31 December 2015 (after restructure)was Fiducian Services Pty Limited (FSL) and that at 31 December 2015, funds under administration on the Fiducian platforms stood at $1.25 billion (30 June 2015: $1.17 billion) an increase of around seven per cent over the six month period.
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
