Australian Unity has managed to increase advice revenue despite decreasing its number of advisers and authorised representatives over the past financial year.
The company’s full-year results announcement to the Australian Securities Exchange (ASX) has revealed the company reported a 2.8 per cent increase in profit after tax to $53 million.
However, in the advice area, the company pointed to its change of leadership team and the loss of advisers.
It said the number of advisers including limited authorised representatives had decreased from 194 to 184 with funds under management (FUM) decreasing slightly over the year to $6.2 billion.
“The net decrease in advisers and FUM was largely due to the departure of some non-aligned self-employed practices,” the company said, adding that some new self-employed practices had also been recruited.
“Despite the decrease in FUM, advice revenue increased 6.3 per cent to $58.3 million,” it said. “In addition, self-managed investment accounts constructed by the advice business grew in FUM by $38.6 million to $201 million.”