Snowball rolls a solid profit
Financial services business Snowball Group has posted a solid first-half profit, recording an 18 per cent revenue growth, which the firm expects to maintain for the remainder of the financial year bolstered by recent acquisitions.
Commenting on the result and the future outlook, Snowball managing director Tony McDonald said despite a softening of investment markets towards the end of 2007, financial planning revenue growth remained strong.
“Delivering superannuation advice constitutes a significant chunk of our business. Given its preserved nature, superannuation money is not as susceptible to the impact of negative customer sentiment during periods of market volatility. When you add in the fact we maintain diversified portfolios on behalf of clients, we’re in a good position to reduce the impact of equity market downturns, which in turn translates into protection, and indeed growth, of funds under advice,” McDonald said.
Snowball acquired equity stakes in three more New South Wales-based financial planning practices, Money Management reported earlier this month, which added to its funds under advice by about $200 million bringing total funds under advice to more than $4.2 billion.
Recommended for you
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to explore the major global and domestic forces shaping investment markets in 2025, from ongoing geopolitical tensions and the NATO summit to US President Donald Trump’s trade policy and the One Big Beautiful Bill.
In this week’s episode of Relative Return Insider, Professor Robert Brooks of Monash Business School joins the show to unpack the economic and market implications of rising tensions between Israel and Iran.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford discuss a busy week of announcements from ASIC, with submissions to its public and private markets paper made (mostly) public.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to unpack Australia’s underwhelming March quarter GDP figures and what they signal for the Reserve Bank’s next move.
