AFS reports stellar results
Peter Daly
Dealer Group Australian Financial Services (AFS) has signalled that it is set to end the year having broken all previous records with respect to its business and profitability goals.
The result has prompted the group to signal that it will look to expand via acquisition if the right circumstances arise.
In an announcement released at the weekend, AFS described 2007 as having been an exceptional year for the group, with every key performance indicator having been exceeded.
AFS chairman Peter Daly said that over the past 12 months AFS profitability had increased by 49 per cent, and in July the dealer group had achieved its best production result ever.
Breaking down the AFS result, Daly said that income growth had been 103 per cent, practice number growth had been 147 per cent and group earnings before interest and tax had increased by 1,241 per cent.
He said AFS had announced that its goal over the next three years was to assist practice principals to double the size of their practices and provide them with initiatives and programs that would increase profitability and business efficiency and effectiveness.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
