Lifeplan increases sales
Lifeplan Funds Management has reported a 23 per cent increase in sales for the year ending June 30.
Inflows to the Adelaide-based manager were $307 million, which was up $58 million on the previous year.
Lifeplan general manager of strategic developments Matt Walsh said when the industry is dominated by inflows to superannuation, his company could still report strong inflows into niche wealth management products.
“As a niche player, Lifeplan performed extremely well in the 12 months to June 30 in an increasingly competitive marketplace,” he said.
“We reported double digit growth in all our main business areas, which was achieved without having to enter the ultra-competitive superannuation space.”
Sales of the fund manager’s education savings plans, which are also distributed through the Commonwealth Bank, increased 87 per cent, while fixed interest income funds were up 48 per cent on the previous year.
Inflows to Lifeplan’s investment and funeral bonds were up 19 per cent during the year, while sales of pre-paid funeral bonds through funeral directors were up by 10 per cent.
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