Speaking at the company’s results briefing on Monday, executive chairman Indy Singh emphasised the firm’s commitment to growth through a combination of attracting new advisers and acquiring existing businesses.
“There’s conversations going on with quite a few advisers who are talking with us and might want to join us. We are going to continue to build, we have got a project team that is aiming to get us to at least 100 advisers,” he said.
“We are looking also for acquisitions, and there’s one which seems quite positive. There’s another one in the north. We’re in negotiation with them and they are both looking very positive. That will raise the [adviser] numbers as well, besides simply getting new franchises on.”
Despite ambitious growth plans, Singh made it clear that Fiducian doesn’t plan to reach the scale of some larger competitors, stating: “We will not get to 1,000 advisers like some people want to do. If we can have up to 100–150 advisers at best and raise the target for them so that we can get at least $1 billion of new inflows a year.”
Announcing its half-year results for the six months to 31 December 2024, the firm said on Monday its statutory net profit after tax was up 26 per cent to $8.6 million from $6.8 million at the end of December 2023.
Net inflows for the core Fiducian platform were $186 million in the six-month period from aligned financial advisers.
Fiducian’s funds under management, administration and advice rose by 11 per cent, from $12.9 billion to $14.4 billion, driven by strong organic and inorganic inflows.
Breaking this figure down, funds under management climbed 16 per cent from $4.8 billion to $5.6 billion, and funds under advice grew 6 per cent from $4.7 billion to $4.96 billion.
Its platform administration offering encompassing wrap administration for superannuation and investment services, including its Auxilium platform, increased 15 per cent from $3.4 billion to $3.8 billion.
Fiducian currently has 78 financial advisers across 47 offices throughout Australia.
