Fiducian Portfolio Services has announced its funds under advice (FUA) have grown 18.1 per cent to $1.37 billion over the 2013/2014 financial year, off the back of advice sector acquisitions.
Commenting on its financial results for the 2013/2014 financial year, Fiducian managing director Indy Singh said its FUA growth was driven by its acquisition of financial services firms such the unnamed business it acquired in April, which had $66 million in FUA.
“As acquisitions continue to assimilate into our processes, they should deliver increased corporate strength and demonstrate our disciplined approach to balancing growth and returns,” Mr Singh said.
“We plan to make further acquisitions in the coming year,” he added.
Mr Singh also said Fiducian’s funds under administration increased by 11 per cent to $1.03 billion, which he attributed to the positive growth generated by its financial planners.
“Fiducian’s full service offer, supported by last year’s product restructure, could allow a non-aligned small dealer with a Fiducian relationship to become competitive against large-scale financial planning dealer groups,” Mr Singh said.
Fiducian said it will be continuing to look for new growth opportunities over the 2015 financial year and will continue to expand its revenue base organically by continuing to support financial planners and making additional acquisitions.
“In addition, the propensity for credit seems to have contracted and lending covenants being imposed upon smaller dealerships appear much tighter. We shall be exploring opportunities here,” a statement from Fiducian said.
“Regulatory changes whereby accountants will be required to be licensed if they offer SMSF advice should also provide Fiducian with further opportunities,” the statement said.
Fiducian also reported it had made a profit of $3.98 million for the 2013/2014 financial year, an increase of 17.4 per cent from the previous financial year.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all