Fiducian reports strong half, tidies up non-paying clients
Vertically-integrated financial services business, Fiducian Group, has reported a strong half at the same time as signalling further rationalisation of its advice client base.
The company reported a 26% increase in net profit after tax to $8.63 million on the back of 14% revenue growth.
Announcing the results to the Australian Securities Exchange (ASX), the company noted that its funders under advice (FUA) were 6% higher at $4.96 billion and signalled sharpening of focus on advice books.
“We continue with the exercise of contacting non fee paying clients which are included in the FUA to disengage completely, or renew their relationship on a fee basis,” the results summary said.
The company said that the results had been supported by steadily rising financial markets and improve net inflows to the company’s wholly-owned financial planning, platforms and funds management subsidiaries.
The company said the board was confident that business would continue to strengthen through organic growth and acquisition of client bases that could benefit from the Fiducian process.
The directors resolved to pay an interim dividend of $21.9 cents per share fully-franked.
I think you are right but when they do drop off then there will be like just 11,500 (dummies) err…
A lot of those 3,459 are not practising advisers and never have been. They are paraplanners, BDMs, compliance officers etc…
ASIC charges licensees for the privilege of updating ASIC's records. And licensees often pass this cost on to the adviser.…
Well, I think you need to take into account both parties have contributed to the result. The Government and respective…
I suspect these 3,500 people are simply leaving a dying over-regulated , over-taxed industry. Very smart if they are.