Fiducian looks to grow

Fiducian Portfolio Services has signalled it remains on the hunt for quality financial planners, after reporting a solid $2.241 million profit for the half-year to the end of December, up from $1,850 million for the previous corresponding period.

The result was achieved off the back of an 8 percent increase in operating revenues and a 21 per cent increase in operating profit.

The company attributed the result to prudent management of growth initiatives, overheads and the balance sheet, and said it would be looking to continue its distribution and financial planning network expansion.

Commenting on the result, managing director Indy Singh said intermittent share market volatility had continued to dampen investor confidence and clients remained on the sidelines deferring decisions until volatility was perceived to have declined.

“Investment experts are forecasting stronger share markets in 2011 which should increase investor confidence again,” he said.

Singh said financial planning business acquisitions were occurring with one deal finalised at the date of the report, while accountancy resourcing through Fiducian Business Services was starting to build steady volumes resulting in a number of successful franchisee and financial planning referral opportunities.

He said that at 31 December, last year, assets under administration on the Fiducian platform stood at $1,049 million and that during the period substantial work had been completed to develop the company’s own self-managed superannuation fund administration offer.

“This service will complement existing superannuation and investment services and will be marketed to financial planners both within the Fiducian-tied network and the wider IFA market,” Singh said.