Raiz reports drop in FUM
Micro-invest platform provider, Raiz Invest, has reported a 1.2 per cent drop in funds under management (FUM) during December due to falls in global equity markets.
Despite the drop, the firm reported investment fund inflows totalling approximately $6 million, and achieved two months of positive cash flow and growth in normalised revenue.
Raiz’s chief executive, George Lucas, said that key strategic pillars of the company included:
- Growing its customer base;
- FUM and revenue per customer growth by offering a range of products and services;
- Southeast Asian expansion; and
- Strengthening market position through delivery of platform improvements.
“We remain focused on our growth strategy, for which the company remains well funded,” he said.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
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”.