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”.
AUTHOR
Amal Awad
Recommended for you
A former AMP adviser told the Federal Court how they are scared to turn off their phone after a fellow adviser attempted suicide as Justice McElwaine said the 92 objections “weighed heavily” on his mind.
Providence Wealth Advisory Group has appointed a new chief investment officer, a dedicated position after the role was previously held by its CEO.
While hiring new staff in a financial advice practice inevitably incurs expenses, Striver’s Alisdair Barr says the greater business cost can come from losing the skills of a valuable team member.
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
