Lifespan teams with Sanford
Lifespan Financial Planning has signed an agreement to use Sanford’s Virtual Broker internet service which provides a branded stockbroking service to clients.
Under the alliance, Sanford will be the broker of choice for Lifespan's 190 financial planners and independent accountants in 140 offices nationally.
The alliance is expected to deliver 100,000 active tax clients immediately to Sanford's online broking services with an estimated 10,000 as active financial planning clients with share portfolios.
The announcement comes at a time when Sanford predicts revenue for this financial year will be more than $30 million, almost tripling from last year's revenue of about $10.5 million.
The company attributes a significant component of its revenue projection to the take up of Virtual Broker solution.
Sanford says it has signed supply partnership agreements for its proprietary technology to more than 30 financial planning groups, representing nearly 2000 financial planners, since launching the service ten weeks ago.
Chief executive Steven Goh says the take up of Virtual Broker, combined with the increase to 40,000 retail clients with more than $500 million in assets under management and the continuing growth of the investment banking arm, had enabled the company to project revenue for this financial year.
"With the increasing maturity of our new products and assuming that present market conditions will continue, we are now able to confidently predict our revenue for the coming year."
Goh says based on Sanford's revenue projections, the company expects to operate profitably on a monthly basis by the end of the financial year although for the full year, it still expects to declare a loss.
"We are confident that based on current market conditions, the profit will continue throughout 2001-2002 with anticipated revenue of more than $70 million for that year," he says.
"We have committed significant resources to developing our revenue streams and now it is pleasing to see these streams maturing and providing a solid return."
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