Snowball Group stays in black
Snowball Group has stayed in the black for the 2009 financial year, despite a revenue drop of 14 per cent since 2008. The financial services group recorded a profit of $10 million before interest, tax, depreciation and amortisation.
The group’s net profit after tax dropped by 9 per cent, from $5.823 million in 2008. Operating costs, including acquisitions, were up by 2 per cent. Snowball’s funds under management has remained steady at $4.05 billion.
Managing director Tony McDonald attributed the result to effective cost containment measures that reduced the group’s operating expenses, excluding acquisitions.
“This is clear evidence that our proven income stream diversification strategy has brought the company a level of resilience to the tough conditions faced during the year,” he said.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
