Record results for AFS
Describing last year as a milestone for the dealer group, Australian Financial Services Group (AFS) chief executive Peter Daly has announced strong preliminary financial results for 2006.
During the past calendar/financial year, AFS achieved an outstanding 40 per cent profitability growth — a record result for the group.
Furthermore, it enjoyed a 30 per cent increase in income and the establishment of 21 new practices.
The dealer group was also able to complete a capital raising in April, 2006, to buy back Zurich’s holding in the company.
Daly attributes AFS’ success to a business framework built on recruiting dynamic and professional advisers and practice managers.
The group’s strong performance has continued into 2007 with the appointment of five new practices and an expected two more by the end of February.
However, Daly said despite the good results achieved already this year, AFS faces a challenge of accelerating this momentum to ensure continued success, increased profitability and future relevance.
He said a key objective was to double individual practice income over the next three years.
“AFS is now in a much stronger and consolidated financial position; steadfastly committed to achieving our corporate objectives and capitalising on any opportunities we identify in the marketplace,” he said.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
