Fiducian Portfolio Services has indicated it is focused on growth and open to both increasing its pool of advisers and acquiring new businesses, following strong half-yearly financial results.
In its half-yearly statement to the Australian Securities Exchange (ASX), the listed financial services company indicated its profits over the past financial year have allowed it to pursue a strategy of growth in its financial advice business. “The search for quality financial planners and planning businesses continues,” said Fiducian director Indy Singh in his director’s report to the ASX. This focus on growth has been spurred on by the success of its 2012 acquisition of State Trustees retail financial planning business, and subsequent growth of its client base. “The full benefits of these acquisitions are still to be realised in the results but will occur over time,” Mr Singh said, announcing Fiducian has allocated $0.8 million to transitioning clients of the acquired businesses to its financial planning and accounting practices.The half-year saw Fiducian pull in an operating profit of $1.69 million, up 42 per cent on the previous comparative period. Beyond the successful acquisition, Fiducian pointed to the quality of its financial advice business as a factor in its positive results.“The relationship between our salaried and franchised financial planners and their clients remains strong and is founded on quality financial planning advice and strategy,” Singh said.“Meanwhile we continue to emphasise quality training, professional development and compliance,” he continued. “These have made us compliant with the requirements of the new FOFA legislation.”Singh also pointed to its business and service-delivery model as well as some cost cutting and recovery procedures.“The Fiducian business model is vertically integrated and captures the full value chain of financial planning, portfolio administration, funds management, tax accounting and IT systems enabling growth and profitability,” he said.
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