Powerwrap posts NPAT loss
It looks like wealth platform, Powerwrap Limited is still struggling but managed to exceed its forecast as it has reported its underlying net profit after tax (NPAT) loss of $5.4 million, against the forecast loss of $6.4 million forecast, for its full year results since listing.
Further to that, the firm said it reported a strong platform revenue result of $16.3 million for the year which was higher than $15.4 million forecast in the prospectus and 9% higher than a year before.
The funds under administration stood at record $8.1 billion, as of 30 June, thanks to net fund flows of $614 million.
The investment portfolio had average account balance of $2.4 million and invested in a broad range of assets, with almost 60% of accounts being self-managed super funds (SMSFs).
“We are building the business and investing now to ensure that we take advantage of the strong opportunities in our market,” Powerwrap’s chief executive, Will Davidson, said.
“The wealth advice industry is undergoing fundamental change that favours our model. We expect to see more advisers and adviser groups attracted to our high net worth model.
“The outlook for Powerwrap is strong, driven by organic growth through our existing clients as well as new business,” he said.
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
