AFS Group reports that four new advice practices joined the dealer during the September quarter 2009, and that it has also recorded an ‘outstanding’ first quarter consolidated profit result.
CEO and MD, Peter Daly, shared this information with advisers during the opening day of the Group’s national conference, being held in Queensland.
In addition to the four practices that have recently hoisted the AFS Group banner, the dealer group reports it is also holding active discussions with numerous other practice principals with a view to joining the AFS Group.
For those existing practices within the AFS Group, Mr Daly again emphasised the value of its Board of Advice initiatives, highlighting the relative out-performance of those practices that have adopted the dealer’s Board of Advice structure compared to those who yet to do so (see previous story: Revenue Growth Numbers Prove Value of Boards of Advice) .
…the dealer group had invested considerable resources in support of practice performance and productivity
Mr Daly also told advisers that the dealer group had invested considerable resources in support of practice performance and productivity. This investment from AFS comes at a time when some dealer groups have ‘tightened the strings’ as a result of the economic downturn.
Mr Daly said the bottom line outcome for AFS Group was that it “… achieved a consolidated profit for the first quarter ended September 30 that was a 7% improvement over the previous year and exceeds
the budgeted year to date results for the current financial year.”
With prudent management, Mr Daly anticipates the dealer group will achieve a 50% increase in projected profitability for the current financial year.
