Bell Financial forecasts 65% jump in H1 earnings
Bell Financial Group said it expects a 65 per cent rise in pre-tax earnings to $14 million after the diversified financial services business had a good first half across all divisions.
Over the half, group revenue grew 14 per cent to $101 million, while overheads rose less than 2 per cent, which the firm said clearly demonstrated the market leverage in its business model.
Bell Financial said business conditions remained “encouraging” and the firm had a strong Equity Capital Markets pipeline in place for the second half of the year.
However, the firm reiterated that it had a particularly strong second half last year.
The firm also said it now owned 100 per cent of Third Party Platform Limited (TPP), which combined with Bell’s proprietary platform FUSION, would increase the firm’s competitive advantage across its entire client base, from self-directed private investors to institutions.
Bell Financial said it had also appointed TPP chief executive Arnie Selvarajah to its board.
The firm also said it was well progressed in its US licence application, having received approval from the US Securities and Exchange Commission and having submitted its Financial Industry Regulatory Authority (FINRA) membership agreement.
“We already have staff and premises in place in New York and will be fully operational once our membership agreement has been accepted,” the firm told the Australian Securities Exchange.
“We are confident that New York will add a new dimension to our service and distribution capability.”
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
