Resilient Fiducian points to further growth
Publicly-listed and vertically-integrated financial services group, Fiducian has signalled further acquisitions on the back of announcing a resilient half-year with statutory net profit after tax up 7% to $5.7 million.
Announcing its half-year results to 31 December, the company said underlying net profit after tax was up 4% to $6.7 million representing underlying earnings per share of 21.2 cents.
The directors declared a full-franked dividend of 12.3 cents per share.
Noting the impact of COVID-19 on the company’s results, Fiducian’s executive chairman, Indy Singh said that the impact on revenue was largely behind the company and had more than been made up for by recent financial market strength.
The company reported that funds under administration had increased by around 16% to $2.55 billion with positive net inflows primarily from acquisitions made in prior years as new financial planners came on line.
The company pointed to its continuing growth in financial planner numbers, stating that a number of financial planners were currently in discussion with Fiducian to join its network.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
