Crestone Wealth Management has posted a 44 per cent increase in profit before tax for the financial year ending 30 June 2019.
Crestone’s revenues increased by 11 per cent to $107.8 million, and an EBIT of $11.5 million, according to a statement.
Further, assets under management increased by 9 per cent since 1 July 2018 to approximately $18 billion, with more than $500 million of net inflows from new and existing clients.
Crestone also noted that, since 1 July 2018, it has hired six new advisers, growing its adviser base to 79, and has hired additional specialists in the cyber risk and regulatory compliance areas in response to anything that may come from the Hayne royal commission.
“We have continued to access the best investment minds in the world and have had both organic and inorganic growth within key client-facing roles, which supports our vision of becoming the first-choice advisory firm for wealthy Australians,” said Crestone chief executive Michael Chisholm.
“Access to an enhanced stable of quality alternative investment opportunities from globally renowned managers ensures the group is well-placed to continue its growth by providing clients unparalleled insights and investment solutions and a holistic view of the investment world.”
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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