As well as a gross revenue increase of 20 per cent, Fiducian has reported a 23 per cent jump in funds under management, advice and administration (FUMAA), increasing by $2.18 billion to $11.5 billion as at the end of December 2021.
Funds under advice (FUA) also spiked to $3.98 billion (up from $3.67 billion as of 30 June 2021) that Fiducian has attributed to positive net inflows and a “rebound” of financial markets.
It also comes on the back of the listed group’s acquisition of the financial planning business of People’s Choice Credit Union for $13.2 million that will take effect from 1 February 2022.
Fiducian expects that as a result of the acquisition, FUA and total FUMAA will increase by $1.1 billion respectively.
As at 31 December 2021, Fudician boasted 66 financial planners across 46 offices throughout Australia. However in November, Fiducian confirmed that the acquisition would see more than 50 People’s Choice financial advisers and support staff join the team, bringing its national adviser network to 92.
Meanwhile, Fudician’s statutory NPAT grew by 17 per cent to $6.7 million, while underlying NPAT was also up by 16 per cent to $7.7 million.
“While COVID-19 continues to impact businesses and individuals, the group did not suffer any significant financial impact and that staff adapted well and continue to work from home as the foremost priority of the group remains the health, safety, and well-being of all our employees and associates that comprise the ‘Fiducian Family,’” Fiducian Group executive chairman, Indy Singh said.
