A shake-up of adviser-owned dealer group Australian Financial Services Group (AFS) by its new chief has swelled its bottom line.
In 2006, the non-institutional licensee has celebrated profitability growth of 40 per cent, income increase of 30 per cent and brought on board 21 new practices.
After joining AFS as chief executive officer in 2004, Peter Daly completed a thorough diagnostic of each practice in the 95-strong network and established tailored programs to grow income and profitability.
Daly also instilled a profit-focused and performance-based culture in staff.
“AFS is now in a much stronger and consolidated financial position; steadfastly committed to achieving our corporate objectives and to capitalising on any opportunities we identify in the marketplace;” Daly said.
AFS was established in 1996. It has 190 advisers with $4.5 billion in funds under management.
In April 2006 it bought the remaining 40 per cent stake from its former parent, Zurich.
Daly said the dealership’s aim for 2007 was to grow profitability by 50 per cent. On February 20, he will announce a three-year program to double practice profitability in its member firms.
