The listed wealth management group has reported a 30 per cent increase in adviser numbers over the 2020 financial year as it takes advantage of “industry dislocation”.
Addressing Perpetual’s annual general meeting on Thursday, the group’s chief executive, Rob Adams, said Perpetual’s advice arm had welcomed 20 new advisers over the 2020 year.
“It has been a year of investment for Perpetual Private, as we capitalise on the current industry dislocation and the desire of the industry’s highest quality advisers to work for a trusted brand,” Mr Adams said.
“Our new advisers were a major driver of Perpetual Private’s record net flows of $600 million.”
Mr Adams said Perpetual Private’s adviser numbers had increased by 30 per cent, marking the seventh consecutive year of positive net flows for the Perpetual advice business, although revenues had seen a “modest decline”.
“[This] was a particularly pleasing result given the uncertainties impacting the second half [of 2020],” he said.
“We will remain focused on prudently adding to our adviser ranks into the future, as Perpetual Private remains an attractive alternative for the industry’s best advisers and their clients.”
The results in advice were a silver lining in what Mr Adams described as “a mixed year” for the wealth manager, which saw a 29 per cent decrease in net profits to $82 million in the 2020 financial year.
However, he said the group had still managed to execute on a number of “strategic initiatives”, including improving its net promoter score by five points, streamlining its operations functions and acquiring Melbourne-based risk advice business Priority Life.
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