Perpetual looks at costs in hot market
Perpetual Trustees will aim to keep a lid on costs in preparation for a possible downturn in the stock market.
Perpetual Trustees will aim to keep a lid on costs in preparation for a possible downturn in the stock market.
Managing director Graham Bradley says the company expects to continue profit growth this year but warns Perpetual was unlikely to match last year's rate of funds inflow.
"It would be unwise for us to count on replicating this level of growth two years running," he says in the annual report released today.
"Our earnings are now more directly sensitive to equity market values than in prior years, and this requires us to manage our expenses carefully and flexibly so that we can adjust quickly to any prolonged market downturn."
Bradley says the company also expects to make significant systems development expenditures over coming years to adapt platforms for the Internet.
Recommended for you
Next year will see AMP roll out an end-to-end solution for its North platform, marking a shift in the firm’s position within the advice technology sector and building on adviser feedback.
My Dealer Services is predicting strong growth in self-licensing next year, citing recent ASIC action against Interprac and the desire for independence as key drivers of the self-licensing trend.
ASIC has handed down a six-month AFSL suspension to MW Planning after the firm failed to replace its banned responsible manager.
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
