Iress posts negative full-year results
Iress has reported a 5.1 per cent decline in statutory net profit to $39.2 million in its full-year results — but its wealth management business continues to attract strong client demand, according to managing director Andrew Walsh.
The impact of ongoing decline in equity market conditions has continued to affect the group's client base over the last 12 months, forcing many to continue their cost reduction activities, he said.
Despite this, Walsh said Iress has continued to see strong demand for products and solutions in segments, with Iress Wealth Management posting a 9.7 per cent growth in profit for the year to 31 December 2012, the report stated.
"While participant preparedness of FOFA (Future of Financial Advice) varies, advisers and businesses in advanced stages are already focusing on or responding to post-GFC and FOFA worlds where technology, efficiency, values and engagement are at the heart of consumer expectations," Walsh stated.
He claimed Iress was in a unique position to continue to provide solutions in response.
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