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Centrepoint claims leadership in adviser recruitment

Mike Taylor15 May 2024
Red paper ball becomes paper plane

Financial planning group Centrepoint Alliance has strengthened its earnings guidance at the same time as claiming the distinction of being leading the market in financial adviser recruitment.

In an update filed with the Australian Securities Exchange (ASX) Centrepoint said the company was performing well both operationally and financially and expected to end the financial year at the upper end of its February earnings guidance.

It said the outcome (originally forecast at $8 million to $9million EBITDA was now expected to be in the range of $8.75 million and $9 million EBITDA pre-LTI and one-off costs with further growth expected in the new financial year.

Claiming to be leading the market in financial adviser recruitment, Centrepoint said it had 556 authorised representatives as at 9th May, an increase of 46 since the start of the financial year.

“In contrast, seven of the top 10 licensee companies continue to see net losses of financial advisers,” it told the ASX.

Centrepoint attributed its financial performance to:

+ Growth in licensee services revenue due to the full year impact of advisers recruited during the 2023 financial year.

+ Ongoing prudent expense management, particularly the efficiencies leveraged from the operating model and technology enable productivity savings.

+ The successful integration of Financial Advice Matters Group which was acquired in December 2023.

The company also pointed to making good progress towards the launch of its own open architecture investment platform branded ‘IconiQ’ which it said it expected to launch early next financial year.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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