Managed Account Holdings has attributed its near 20 per cent growth over the past 12 months to independent financial advisers’ continued use of their services.
The company reported a net profit before tax of $1.47 million, representing an increase of 19.8 per cent for the 12 months to 30 June 2017.
Funds under administration experienced similar growth, finishing the year 17.4 per cent higher at $2.1 billion, Managed Account Holdings said.
The company’s chief executive David Heather said the results reflected the “continued re-investment into new services and capabilities” that IFAs, stock brokers and investment managers made.
“We are very pleased with the latest results and remain firmly focused on delivering greater choice, transparency and functionality for the IFAs, stockbrokers and investment managers using or intending to use our broadening capability,” Mr Heather said.
The company also reported its revenue was up 25 per cent over the 2016-17 financial year, and Mr Heather said Managed Account Holdings was looking to invest in new software to improve adviser and client experiences to support the business’ further growth.
The company is looking to expand its services for financial advisers.
The FPA has developed a new SOA video toolkit to guide members.
“All advice should be regulated in a similar way”, a financial services firm has argued in its QAR submission.
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