Fiducian Group posts record net inflows

18 August 2022
| By Staff |
image
image
expand image

Fiducian Group has reported net inflows of $309 million – its highest ever – for 2022 financial year from its network of 86 financial advisers, its results show.

This is an increase from the $228 million reported in the previous year.

In its results for the year ended 30 June, the group said underlying net profit after tax was $15.7 million, which is an 11% increase on the $14.1 million delivered in the 2021 financial year. Statutory net profit after tax increased by 9% to $13.3 million, from $12.2 million previously

The underlying earnings per share grew 11.1% from 44.9 cents in 2021 to 49.9 cents in 2022.

Combined funds under management and administration (FUMAA) rose 5% from $10.4 billion to $10.9 billion, despite the impact of the market sell-off that dominated the opening half of the 2022 calendar year.

During the year, the acquisition of the financial planning business of South Australia's People's Choice Credit Union added $1.1 billion under advice at the time and provided 40 persons comprising financial advisers and support staff to Fiducian.

Indy Singh, executive chairman of the Fiducian Group, said: “Management and the board remain positive for further growth of Fiducian in the future. Wars always end and modern medicine finds cures for pandemics.

“Our expanded network of financial advisers is expected to deliver funds flows that exceed our recent record breaking year. Significant effort is being directed to distribution of new products and services and as well, we remain on the lookout for further earnings per share accretive acquisitions of client bases.

“As is always the case, the recent market volatility may likely be offset by strong share market growth in years to come and we intend to capitalise on this transformation for the benefit of our shareholders, stakeholders and people.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 18 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 9 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 13 hours ago