As well as a gross revenue increase of 20 per cent, Fiducian has reported a 23 per cent jump in funds under management, advice and administration (FUMAA), increasing by $2.18 billion to $11.5 billion as at the end of December 2021.
Meanwhile, Fiducian’s statutory NPAT grew by 17 per cent to $6.7 million, while underlying NPAT was also up by 16 per cent to $7.7 million.
Funds under advice (FUA) also spiked to $3.98 billion (up from $3.67 billion as of 30 June 2021) which Fiducian has attributed to positive net inflows and a “rebound” of financial markets.
It also comes on the back of the listed group’s acquisition of the financial planning business of People’s Choice Credit Union for $13.2 million which will take effect from 1 February 2022.
Fiducian expects that as a result of the acquisition, FUA and total FUMAA will increase by $1.1 billion, respectively.
As at 31 December 2021, Fiducian boasted 66 financial planners across 46 offices throughout Australia. However, in November, Fiducian confirmed that the acquisition would see more than 50 People’s Choice financial advisers and support staff join the team, bringing its national adviser network to 92.
“While COVID-19 continues to impact businesses and individuals, the group did not suffer any significant financial impact and that staff adapted well and continue to work from home as the foremost priority of the group remains the health, safety, and well-being of all our employees and associates that comprise the ‘Fiducian Family,’” Fiducian Group executive chairman Indy Singh said.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
