Snowball Group gathers pace
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Financial planning dealer group Snowball Group has reported a 10 per cent rise in profit in the previous half year to nearly $3 million. Snowball’s earnings was up more than 42 per cent from 2007 in the half year ending July 2008.
The dealer group cut its operating costs by 7 per cent in the half year ending December 2008, excluding acquisitions. They booked a 2 per cent rise in costs due to one off acquisitions.
Tony MacDonald, the managing director of Snowball, said the dealer group’s diversified advice business and conservative investment portfolios and a continuing acquisition strategy were responsible for the positive result. The company expect funds under advice (FUA) to increase due to recent acquisitions, MacDdonald said. FUA have decreased by 12 per cent compared to the previous year.
The dealer group announced plans in January to acquire the business assets of a Queensland financial planning business, Money Mentors, as well as a corporate superannuation business in Adelaide.
AMP Financial Planning has recorded a decline of 41 per cent in profit last year, while Perpetual’s profit was down 84 per cent in the previous six months.
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