Aust Unity posts better bottom line despite adviser exits
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.”
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.