Praemium half explains OneVue investment
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The strategic value of acquiring the OneVue Platform business from Iress was driven home by Praemium’s half-year results yesterday revealing a 56% decline in net profit after tax despite better operating cash flows.
Praemium reported a 56% decline in net profit after tax to $4 million and, not unlike, Iress signalled that it was in a transitionary period looking to realise the benefits of recent investments.
Praemium chief executive, Anthony Wamsteker said the company had made the investments in capability and risk mitigation necessary to realise the full potential of its platforms and portfolio services.
The company had made investments in information technology and risk mitigation.
The company said expenses increased 15% to $34.2 million attributable to significant increases in the cost of outsourced administration exacerbated by rising employee expenses.
It's quite easy to charge way less than this and remain profitable and compliant. If clients have simple requirements then…
That average fee looks fine. I only asked because I have seen examples (not in the main) of advisers charging…
I struggle to understand this concept at all as these clients have choice and they don't deserve to be discarded…
I'd start by looking at your target profit margin, what your profit is now and what you need to charge…
So much for accountability and transparency. This is crap.