A listed advice group has posted an end of financial year loss after a turbulent period of change for the company.
Centrepoint Alliance posted a net loss after tax of $6.3 million, which has been attributed to one-off items including legacy claims, a reduction in deferred tax assets and the impacts from the royal commission.
Restructuring costs were also attributed to the loss in a year where the group replaced the chief executive, reviewed their strategy and restructured the business.
Newly appointed CEO Angus Benbow said the group had to adapt to the changing industry.
“The financial advice industry is facing an increasingly complex and rapidly changing environment, which is impacting the whole industry. It is imperative that our business adapts to the challenges and opportunities this presents,” he said.
Mr Benbow said that Centrepoint was transitioning to become an organisation that puts advisers first.
“We do have a strong community of like-minded advisers that enables us to take a leadership position in the industry as it moves to a more transparent environment,” he said.
The group did grow their EBITDA by 4 per cent to $5.5 million, which was helped by an increase in cash flow said Mr Benbow.
“This is a pleasing outcome given the challenging and uncertain industry backdrop. As a business, we are well placed to grow our strong community of advisers while we transition to a new service model powered through data and insight,” he said.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
Amendments to superannuation law introduced in October have not yet progressed through Parliament. ...
The investment platform has added 12 ESG-focused investment options to its menu in an effort to meet growing adviser and client needs. ...
An ex-bank adviser’s financial services ban has been varied by the Administrative Appeals Tribunal. ...