In a listing on the ASX on Wednesday, Centrepoint Alliance said it boasts $64 billion in funds under advice (FUA) held with 511 licensed advisers, 196 boutique AFSLs representing some 797 advisers, and five salaried financial advisers.
Approximately, it noted, a total of 1,308 advisers service 154,000 customers with each adviser said to be responsible for some $50 million funds under advice.
Centrepoint Alliance also reported that its EBITDA rose 6 per cent in the fiscal year 2023 to $7.6 million, driven by increased gross profit from its acquisition of ClearView Advice.
Profit before tax added 154 per cent to $6.6 million, while gross revenue jumped 19 per cent to $271.6 million.
Moving forward, Centrepoint Alliance said it is “well positioned” to take advantage of the “positive changes” occurring in the advice industry.
Amid these changes, it observed that adviser numbers across the industry have stabilised in the last three quarters and that advisers are experiencing significant demand for services post the COVID-19 pandemic.
Additionally, Centrepoint highlighted the emergence of “positive regulatory changes” stemming from the Quality of Advice Review, which it anticipates will enhance productivity for advisers.
The firm also boasted that it is a “clear number three” in the market ranked by adviser numbers and that its adviser retention is “strong” with “considerable opportunities” in the pipeline.
This pipeline, it noted, is “robust” with over 360 advisers in discussions with Centrepoint Alliance. The company also emphasised a strong retention rate, revealing that only two firms have transitioned to another licensee.
Centrepoint also disclosed that Lending as a Service has been embraced by advice firms with 30 firms now participating with an additional 27 in the pipeline.
Moreover, the firm’s strategy to grow managed accounts continues to progress. Namely, over the last 12 months, the business has strengthened governance with a majority non-executive board appointed for Ventura the investment manager, an independent review of governance and conflicts has been completed, and Morningstar appointed as an asset consultant.
Regarding mergers and acquisitions, Centrepoint said it is committed to accelerating growth through M&A activity to accelerate earnings growth.
