The company reported an underlying profit (which excludes one-off events) of $8.5 million for the first half of the 2013 financial year – as well as a reported loss of $561,000, largely due to the costs associated with the acquisition.
ClearView Wealth increased the number of financial advisers in its dealer group to 102 at 31 May 2013 from 94 at 31 December 2012.
The company’s managing director, Simon Swanson, said the company has been “very selective” about whom it recruits, adding that the financial services industry “hasn’t been particularly good in the quality of advice department”.
While the numbers in the dealer group are growing rapidly – there were 70 authorised representatives either employed by or operating under Clearview’s franchise at 30 June 2012 – Mr Swanson said he “didn’t have a target”.
“It’s not about the numbers; it’s about the quality and the cultural fit of the people inside the dealer group. We’re very selective about who can join, and we say ‘no’ to people as well,” he said.
Clearview has also continued to grow its in-force premiums, which have hit $60 million (include $19 million of in-force premiums on ClearView’s platform LifeSolutions).
The company’s wealth management platform, WealthSolutions, now has $200 million of in-force funds under management.
ClearView has also made a number of key appointments this year. In March, Tony Thomas was appointed head of operations and technology, while Elliot Singfield moved into the role of head of direct business in the same month.
The company’s products were available on 61 approved product lists as of 31 December 2012, and that number has continued to increase, according to Mr Swanson.
While ClearView has ambitions to grow and is invested heavily in the business, Mr Swanson said he had no ambition of being “the largest in the market”.
“We’re not interested in participating in group life or capital guaranteed products; we’re all about the quality of what we do, not the quantity,” he said.
