LandMark White continues to cut costs to counter drop in demand
Property group Landmark White (LMW) will continue to cut costs and aggressively market their business in an effort to counter a continuing drop in demand for its property valuation services.
The company will continue to develop its fund management business LMW Invest, which was launched last year, to gain a more “predictable” income stream from the property funds management sector.
However, the continued support of LMW Invest will lead to a trading loss this financial year, the company said, although the loss would be an improvement on the results suffered at the end of December last year.
LMW lost $525,010 in the six months to December 2008. They anticipate further asset write downs of approximately $200,000 for the full financial year.
LMW Invest has formed a joint venture with Dension Group to secure more solid income streams into the company, through traditional property syndicate structures. The company said they don’t expect demand levels for their services to improve for some years.
However, the company expects profit from LMW Invest in the next financial year.
Recommended for you
The shift in scale and consolidation has led to substantial growth in large privately owned licensees, which have tipped past 20 per cent of advisers for the first time to make up 28.3 per cent of the industry.
ETF providers Betashares and BlackRock are reporting increased flows for currency hedged vehicles, but an adviser has warned on the potential tax implications of changing currency.
Bravura chair Matthew Quinn is to step down later this year, following the exit of CEO Andrew Russell, while its future priority is digital advice in Australia.
Financial advice has an important role to play in navigating family discussions around inheritance, according to CFS, with younger generations expecting a windfall of more than $500,000 while older ones try to meet their retirement needs.
