AFS reports strong start for 2008
Peter Daly
National dealer group Australian Financial Services Group (AFS) has announced a record-breaking start for 2008, with results exceeding those for the same period in the previous three years.
AFS managing director Peter Daly said the dealer group had recorded a 30 per cent improvement in profitability over the same period last year.
“We are well and truly in ‘growth mode’ and successfully delivering on all our commitments,” he said.
According to Daly, despite the impact of the economic downturn on the results of many financial organisations and advisers, AFS has experienced exceptional growth and recruiting success.
Six practices have already joined AFS and the group’s management team is confident of achieving their respective recruiting budgets for 2008.
Later this month, AFS will present the audited 2007 financial performance results at their annual general meeting.
According to Daly, AFS will report a 57 per cent profitability increase, surpassing the previous record growth of 40 per cent achieved in 2006.
AFS has also confirmed that it will continue to seek acquisition opportunities, and are particularly interested in buying into a mortgage and finance aggregator.
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
Formal education has played a large role in enhancing the advice profession over the last decade but, with the bar now so high, two advisers debate whether it is necessary to complete additional study.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
