Lifeplan breaks the $1bn barrier
LifeplanFunds Management has broken the $1 billion funds under management barrier.
The Adelaide-based friendly society has $1.1 billion of funds under management, compared to $914 million in the previous financial year. Inflows for the 2002 financial year were $146 million, up from the previous year’s $67 million.
Lifeplan chairman Bernie Lewis says the fund manager’s success comes from targeting niche markets.
“The success has been achieved through the strategic development and distribution of our core product set of investment bonds, funeral bonds and income bonds,” he says.
“Lifeplan now has more than 8 per cent of the Australian investment bond market and more than 14 per cent of fund inflows, making it a national leader in this segment.”
The investment bonds now have almost $350 million of funds under management while its funeral bonds have more than $150 funds under management.
Lifeplan’s revenues for the year were just under $190 million and profit after tax was $5.4 million, which was in line with the previous year.
Meanwhile, Melbourne-based State Trustees has reported an after-tax profit of $5 million, down on 2001’s $5.5 million figure. Revenue for the company was up in 2002 to $40.7 million, compared to $37.9 million in the previous year.
During the 2002 year the company wrote approximately 5,000 wills and has 1,712 estates under administration.
The company is administering almost $700 million of funds from clients, including charities.
Recommended for you
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
