Count Financial FUA declines
Accountancy-based financial planning dealer group Count Financial has seen its funds under advice decline by 24.6 per cent over the past 12 months and has further trimmed back its profit guidance.
The company announced to the Australian Securities Exchange today that following the continued market downturn since the group’s annual general meeting guidance in November, it now expected its 2008-09 earnings before interest and tax (EBIT) to be down marginally more than 20 per cent.
However, the dealer group said it remained well-positioned to benefit when markets resumed their long-term growth as a result of its trust and long-standing accounting-based franchise network.
“Count’s sound research and compliance policies have assisted Count to avoid the major investment failures,” it said. “Count maintains prudent gearing ratios for client portfolio exposures. Margin lending only accounts for less than 3 per cent of Count’s total funds under advice, which is in contrast to the current reported industry problems.”
AUTHOR
Mike Taylor
Recommended for you
The profession is up by almost 200 advisers for the new financial year, with August continuing the consistent weekly positive gains.
WT Financial has announced its second “Hubco” with a combined valuation of $7.8 million, while its first one has successfully incorporated and is now making its own acquisitions.
The Australian Wealth Advisors Group has entered into a joint venture with a Melbourne financial services firm to launch a wealth manager.
Remediation and litigation costs have led AMP to announce a reduced statutory net profit after tax of $98 million for the first half of 2025.
