Countplus’ profits after tax for the 2021 financial year came in at $4.94 million, a 69 per cent reduction on the previous year.
The company noted in its media release that the Court Financial business was impacted in the second half of the year by the transition to a new “clean” user-pays model, without grandfathered rebate revenue.
Furthermore, the firm advised that they had onboarded 57 new financial advisers during the year to 30 June 2021.
“This new ‘clean’ model is resonating with those financial advisers that have stayed the course with us as well as those looking to join Count Financial,” said CountPlus chief executive and managing director Matthew Rowe.
“We are delighted to attract high-quality advisers to Count Financial, and the pipeline for professional practitioners, firms and partners is strong”.
The company also noted that its adviser base was also getting through more work than the year before.
“Our financial advisers are now producing, on average, 59 per cent more advice documents than they did last year,” Mr Rowe said.
Mr Rowe concluded by suggesting that this growth placed Count Financial in a good position to capitalise in the evolving financial advice environment.
“The company has an opportunity to further invest in financial advice at a time when major institutional players have exited at significant cost to their reputation and balance sheets,” he said.
The advisers are probably producing more advice, but if its anything like me its mostly no change roas which are a total waste of time!
If all of your clients need no change ROA’s are you not questioning why they need to be on an ongoing service program
What will their profit be when they can’t have access to the many millions in administrative remediations costs from their acquired CBA advisers?