In a statement, Fiducian said it had achieved an 11.1 per cent increase in revenue for FY20, driven by strong inflows to its platform business, which had doubled from the previous year.
The group saw an 8 per cent rise in funds under management, advice and administration for the year, and acquired $412 million of funds under advice during the 12 months.
Fiducian’s earnings before tax, depreciation and amortisation were also up 8.9 per cent year on year.
The group said it had 74 aligned planners and associates in 41 offices as at 30 June, and had been “selective” in its approach to recruiting advisers.
“The board, management and staff remain optimistic for superior growth and a continuation of steady well-managed expansion over the next three to five years,” Fiducian executive chairman Indy Singh said.
“In spite of the economic uncertainties surrounding the pandemic, our platform net flows of $125 million in the second half were 36 per cent higher than the first half.
“This is testament to the dedication of our financial planners who, while predominantly working from home, maintained and increased their service to reassure their clients.”
We need to stop quoting AUM / FUM as a key metric to licensees.
Agree, this just reiterates that the industry is mostly about sales.