Rebranded WHK group finds bright spot in advice services
Listed accountancy and financial planning group Crowe Horwath has posted a modest increase from its financial services and advisory business of $94.6 million, up 3 per cent from the previous financial year.
The result is a small turnaround for the financial services division which posted a 6 per cent decline in revenue for the 2011/12 financial year, falling from $97.4 million to $91.6 million. The growth came as overall revenue for the group fell 2 per cent to $405.9 million
The business, formerly known as WHK Group, has about 130 planners nationally working mainly through Crowe Horwath-branded accountancy practices and a single specialist financial planning firm.
In its annual results, Crowe Horwath said it had revenue growth of 11 per cent in up-front advice. However this was tempered by a slight decrease in revenue in the area of ongoing advice.
Risk insurance, finance broking and general insurance revenues all grew by more than 10 per cent, while self-managed superannuation (SMSF) administration revenues grew by 3 per cent.
In its Annual Financial and Director’s Report, Crowe Horwath stated these business lines were boosted by targeted activities aimed at stimulating referral activity - but more work was being done in the SMSF area to boost efficiencies and growth in that part of the business.
Earlier this year Crowe Horwath, under its previous name, was involved in merger discussions with SFG which were concluded after two months with both groups withdrawing.
At that time SFG stated it believed that a merger was a future possibility due to consolidation within the advisory market.
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