Snowball Group gathers pace

dealer group cent financial planning amp financial planning

20 February 2009
| By Levy. Benjamin |
image
image
expand image

Financial planning dealer group Snowball Group has reported a 10 per cent rise in profit in the previous half year to nearly $3 million. Snowball’s earnings was up more than 42 per cent from 2007 in the half year ending July 2008.

The dealer group cut its operating costs by 7 per cent in the half year ending December 2008, excluding acquisitions. They booked a 2 per cent rise in costs due to one off acquisitions.

Tony MacDonald, the managing director of Snowball, said the dealer group’s diversified advice business and conservative investment portfolios and a continuing acquisition strategy were responsible for the positive result. The company expect funds under advice (FUA) to increase due to recent acquisitions, MacDdonald said. FUA have decreased by 12 per cent compared to the previous year.

The dealer group announced plans in January to acquire the business assets of a Queensland financial planning business, Money Mentors, as well as a corporate superannuation business in Adelaide.

AMP Financial Planning has recorded a decline of 41 per cent in profit last year, while Perpetual’s profit was down 84 per cent in the previous six months.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 6 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 4 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

1 week ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

6 days 15 hours ago