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.
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Always back self interest when a body is marketing a submission to the government
In other words the system is achieving what the government wanted to happen.
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