Diverger adviser revenue increases in FY22
Net revenue for full advisers at Diverger has risen by 29% to $8.2 million in the past year thanks to improved fee models and organics fee growth within adviser practices.
In an announcement to the Australian Securities Exchange (ASX), the firm said total net revenue was $15.4 million, up from $12.9 million in the previous year.
For full advisers in the wealth division, the number of firms had risen from 149 to 155 with 1.4 advisers per firm, down slightly from 1.5 last year.
The net revenue for full advisers was $8.2 million, up 29% from $6.34 million a year ago, while average net revenue per adviser had increased from $32,300 to $37,000.
Diverger said the growth in net adviser revenue had been driven by the full year benefit of Paragem, which it acquired in February 2021, and improved fee models while there was strong organic fee growth of 17% within adviser practices.
Underlying profit for Diverger was $7.06 million, up 4% from $6.81 million in 2021.
The firm also confirmed talks with Centrepoint Alliance, which were announced earlier this year, were “continuing and currently inconclusive”.
A combined group, the firm said, would provide a significantly strengthened market-leading position with greater operational scale, an expansion of core client services and a platform for enhanced market liquidity.
AUTHOR
Laura Dew
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