Count research mandate announcement within weeks
Accountancy-based financial planning dealer group Count Financial has confirmed that its key service provider contracts are currently under review, including software and external research, with a decision to be announced soon.
The announcement of its external research contract, currently held by van Eyk Research, is expected to be made within a month.
In an update released to the Australian Securities Exchange, Count Financial said that any changes relating to the external research contract, software, product platform enhancements and enhancements to its finconnect business model would be implemented progressively over the next six months.
The company’s announcement came at the same time as it said that funds under advice on approved platforms stood at $6.41 billion, down 1.69 per cent over the last 12 months with total funds under administration excluding direct property standing at $10.14 billion, down 3.52 per cent over the period.
It said the movements largely reflected very low industry investment returns for the 12 months ended 30 September and subdued fund flows — something which was “a current short-term characteristic of the wealth management industry”.
The announcement of the Count Financial’s decision on the key external research and software mandates is expected before its annual general meeting scheduled for 16 November.
AUTHOR
Mike Taylor
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
