Matrix merger sees ClearView numbers double
ClearView has reported a significant increase in its adviser numbers, doubling over the last 12 months following the merger and integration of Matrix Planning Solutions.
In a statement to the ASX reporting its half-year results ending 31 December 2014, ClearView reported it now has 216 in its group, up from 109 in the previous period.
The financial services provider reported a growth of 31 advisers while its merger with Matrix on 10 October 2014 contributed another 85 advisers to the group.
“The number of financial advisers in CFA [ClearView Financial Advice] has increased to 131 as at 31 December 2014, representing an increase of 20 per cent over the prior year,” a statement from ClearView said.
In its half-year results the financial services provider also reported an underlying net profit after tax (NPAT) of $9.9 million for the half-year, up nine per cent from the previous corresponding period.
Funds under management and funds on ClearView platforms also grew throughout the year to $1.77 billion, up nine per cent from the previous period.
“[This was] driven by positive investment markets with positive net flows of $26 million in the six months to 31 December 2014.
“This predominantly reflects the successful introduction of the WealthFoundations product and the continued growth of WealthSolutions,” it said.
Commenting on the results ClearView managing director Simon Swanson said the company remains well positioned for continued growth into the future.
“It is exciting to be part of a growing organisation such as ClearView as reflected by the performance of our business.
“The first half of the [2014/2015] financial year included the successful merger and integration of Matrix, the upgrade to our LifeSolutions product range and the launch of WealthFoundations,” he said.
ASIC to review transition to grandfathering ban
The corporate regulator has announced it will review the progress of industry pa...
Perpetual profit down 17%
Perpetual saw its full-year net profit after tax (NPAT) drop by 17 per cent year...
Disclosing product conflicts ‘not enough’: Consultant
Advisers need to take appropriate steps to prioritise their clients’ interests...