Centrepoint Alliance reports $6.3 million net loss
As Centrepoint Alliance announces a net loss of $6.3 million after tax for FY18, the firm has said it is launching a new strategy focused on strengthening its medium to long-term future under its recently appointed chief executive, Angus Benbow.
Centrepoint attributed its net loss to the impact of one-off items including legacy claims, restructure costs, impacts from the Royal Commission, and a change to the deferred tax asset.
Benbow said that its new strategy had looked at all aspect of the organisation and comprehensively reviewed its business portfolio, as well as including a new organisational structure to better align to market opportunities.
“The financial advice industry is facing an increasingly complex and rapidly changing environment, which is impacting the whole industry. It is imperative that our business adapts to the challenges and opportunities this presents,” Benbow said.
“Therefore, Centrepoint will focus on transitioning to an advice and business services organisation where the advisers’ needs are at the heart of everything we do. We have a strong community of like-minded advisers that enables us to take a leadership position in the industry as it moves to a more transparent environment.”
The firm reported a four per cent increase in earnings before interest, taxes, depreciation and amortisation to $5.5. million, which was underpinned by an 18 per cent increase in operating cashflow to $6.4 million. Benbow called this “a pleasing outcome given the challenging and uncertain industry backdrop”.
Recommended for you
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.
