Listed planning group signals uptick in advice demand
Signs of market recovery have led to an increase in clients seeking advice and an improvement in overall investment activity, Prime Financial Group has reported.
The listed advisory group said improvement in the investments arena has seen a “steady and consistent improvement” in its financial planning new business and recurring income since reaching a low in the March quarter this year, when it was down a combined 30 per cent.
Prime, which provides financial planning, self-managed superannuation and accounting services, reported cost savings since the successful integration of its business with Carroll Pike & Piercy Financial Planning Operations
However, the group noted its earnings before interest and taxes (EBIT), which were down 37-42 per cent on last year, subject to June performance, was “adversely affected by one off costs of $320,000” associated with the integration.
Prime said it hasn’t experienced a significant loss of financial planning clients, with a steady improvement in new client conversions and “a higher level of client contact servicing existing clients”.
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