A matter of time for Praemium
Financial advisory platform provider, Praemium has issued a statement on the Australian Stock Exchange today explaining what it describes as a “marginal decrease in revenue for the September quarter”.
The statement said that revenue for the quarter was down by $17,000 on the previous quarter and that this was “due to timing considerations on the invoicing of some major clients”.
Praemium said standard portfolio revenue for the quarter was actually up by 10 per cent over the previous quarter and said it needed to be noted that following September 20, the company had loaded an additional 7,000 portfolios into V-Wrap for a large client.
It said that as at October 18, the number of portfolios in V-Wrap had increased to around 32,000 — something that would be visible in the December quarter reports.
It also said that as of September 30, 63 organisations had entered agreements to brand and deploy Praemium’s new P-Desktop product and that its SMA platform was in use by more than 50 services.
AUTHOR
Mike Taylor
Recommended for you
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
The corporate regulator has cancelled the AFSL of a Queensland-based financial services provider, having held the licence since mid-2016.
The financial advice industry has reacted to the appointment of Dr Daniel Mulino as the new Minister for Financial Services, with hopes for improvements in legislation and education standards.
With less than one-third of Australian business owners seeing an adviser, Business Health has detailed how advice practices can successfully target this underserved client segment.
