Growth shows up in DKN bottom line
Phil Butterworth
DKN Financial Group has exceeded its forecasts, reporting a 27 per cent increase in profit for the year ended June 30 on the back of a 34 per cent increase in funds under advice (FUA).
The company said the lift in FUA had been driven by market performances and changes to superannuation legislation that had in turn boosted investor confidence.
It said its equity partnerships had also helped drive returns, with an 18 per cent return on investment.
It said that the equity partnerships represented a core area of operation for DKN in terms of fostering greater ties with advisers and building FUA.
Commenting on the future outlook for the group, chief executive Phil Butterworth said the scale achieved through continued FUA growth meant the company was able to negotiate outstanding access to a range of service providers for its network of financial planning practices.
“The benefits this buying power delivers, combined with our equity partnership offering continues to receive very strong support from financial planning practices that choose to remain non-aligned with the major financial institutions,” he said.
“With the recent addition of equity partnerships with MW Planning and UP Financial Solutions we are very excited by the prospects for organic growth in the year ahead,” Butterworth said.
DKN has recently announced an agreement to acquire Lonsdale Financial Group and Zurich’s Wrap Account.
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