The group also had $9.9 billion in funds under administration; $0.9 billion in managed portfolios; and $5.8 billion in funds under management.
SFG Australia also recorded a net profit after tax of $17.2 million for the first half of the 2014 financial year, an increase of 62 per cent on the prior corresponding period. Underlying net profit after tax was up 23 per cent to $19.2 million.
Operating earnings were up 25 per cent to $28.4 million, and net operating revenue for the half-year increased 23 per cent to $78.4 million.
SFGA managing director Tony Fenning said the result demonstrated solid momentum in earnings and strong underlying performance, coupled with rising equity markets.
“During the past six months we have continued to invest in the business through our Best Advice 3.0 program to create the next generation of advice and implementation solutions for our clients, improve productivity, and continuous improvement in our overall capabilities,” said Mr Fenning.
The group also incurred $2.2 million of reinvestment costs, which was down to the group’s efforts to move its entire wealth management adviser and client base to Xplan.
“The businesses familiar with the Xplan platform will move to the new version by the end of FY14 and the Shadforth rollout will commence post 1 July 2014,” said an SFG Australia statement.
