Wealth segment bolsters CountPlus’ strong performance in 1H23



CountPlus has noted an 8% rise in reported revenue along with welcoming 31 net new advisers in the first half of the financial year.
Announcing its results to the Australian Securities Exchange for the six months to 31 December, 2022, CountPlus noted $8.4 million of its reported revenue of $45.5 million (adjusted EBITA performance) came from its wealth segment.
Reported EBITA of the wealth segment was +99% to $1.4 million, “demonstrating business has transitioned to new model without grandfathered revenue”, the firm noted.
It recorded growth of 13% in Count Financial advisers from 1H22 to 1H23 compared to an industry reduction of 14% from FY21 to FY22. Prospective advisers rose from 156 to 166.
CountPlus also announced that it would discontinue the operations of Wealth Axis, which provided outsourced paraplanning and administration services to financial planning and accounting firms.
It had acquired a majority stake in Wealth Axis in May 2021.
Due to this discontinuation of operations, CountPlus recognised a non-cash impairment of $1.4 million.
Still, the firm reiterated its commitment to its profitable services strategy, which reported revenue of $3.6 million, an increase of 125% from 1H22 revenue of $1.6M. This figure would include reported Accurium revenue in 1H22 of 2 months from acquisition date.
Per the ASX announcement, the CountPlus and Count Financial network included 3,513 people in 138 firms.
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.