Greater financial adviser efficiency has enabled Avenue Capital Management to lift its bottom line compared to the previous financial year, despite having fewer troops.
The independently-owned dealer group has swollen by 28 per cent from $1.4 million funds under advice [FUA] at the end of 2005/06 compared to $1.8 billion FUA for 2006/07.
Avenue Capital Management chairman Paul Manka said improved planner efficiency had fuelled the growth.
Adviser numbers dropped from 41 in 17 practices at the close of the 2006 financial year, to 38 in 16 practices for the corresponding 2007 period.
“On average, each authorised representative now has $47.37 million in funds under advice, up from $34.15 million last year,” newly-elected Manka said.
Use of the Avenue AvWrap platform has been boosted by 76 per cent – up from $361m to $635m – over the same periods.
Manka said financial advisers had shown greater support for Avenue AvWrap since it had been customised to their reporting procedures.
