Centrepoint in profit turnaround
Publicly-listed financial planning group, Centrepoint Alliance has backed its strategy to carry it through the post-Royal Commission environment at the same time as reporting a significant turnaround in net profit before tax.
The company reported that net profit before tax of $1.7 million, representing a significant turnaround over the prior corresponding period with the company reported a $1.9 million dollar.
Commenting on the outcome, Centrepoint chief executive, Angus Benbow pointed to the company’s continued pursuit of its Strategic Refresh program which had entailed a renewed executive team and which had seen it maintain stable revenue, attract new advisers and successfully absorb costs.
“This has been delivered despite challenging market conditions and the intense public scrutiny the financial advice sector the financial advice industry has received as a result of the Royal Commission,” the company’s announcement said.
Benbow said there remained an unequivocal demand for quality financial advice, and with the structural disruption occurring Centrepoint was uniquely placed to capitalise on the unfolding changes.
“We have a strong community of quality licensed advisers, as well as providing services to over 200 self-licensed firms,” 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”.
