Funds grow by Miles
Associated Planners grew its turnover by 25 per cent to $37.5 million in the finan-cial year to end June 1999.
Associated Planners grew its turnover by 25 per cent to $37.5 million in the finan-cial year to end June 1999.
Managing director Ray Miles attributes this rise to a 47 per cent jump in funds un-der management to $360 million, and to an increase in new members.
He says the number of Authorised Representatives climbed from less than 130 to 151 over the year. The number of member firms rose from around 75 to 84.
Over the same period, funds within the SOLAR Wrap service leapt to $100 million from a standing start while the Strategic Super Master fund expanded by 53 per cent, from $170 million to $260 million.
Miles adds that average revenue per member firm increased by 17.5 per cent over the year, rising to $400,000.
He says in order to provide the best possible support to advisers, the group has added 14 specialists in the areas of industry research, compliance, technology, marketing and business development.
Looking ahead, he expects similar growth (of 25 per cent) in turnover in the cur-rent year, and says assets under management could double.
The focus this year will be on technology with a number of major rollouts planned, he says.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
