AWM set for acquisitions push
Chris Kelaher
Australian Wealth Management (AWM) has posted a net profit of $35.2 million for the first-half of 2008, up 33 per cent on the first-half of 2007 and “leaving it well placed for further acquisitions”.
A 12.4 per cent increase in funds under management to $67.8 billion over the previous period helped the company’s result, which managing director Chris Kelaher described as “leaving AWM debt free”.
“Market conditions aside,” he said, “the environment for wealth management and retirement remains stronger than ever, and AWM’s balance sheet is strong and, importantly, the company has no debt”.
The response to changes in superannuation legislation has meant financial planners are busier than ever, with clients recognising that financial advice can make a difference now and in retirement, he added.
Operating costs as a percentage of AWM’s revenue decreased to 48.5 per cent over the 2008 first half, compared to 53.5 per cent in the previous corresponding period.
An interim fully franked dividend of five cents per share will be paid to shareholders on March 20, 2008, up 25 per cent on last year’s interim dividend.
Recommended for you
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
