Listed financial services company Fiducian Portfolio Services is reaping the benefits of its marketing initiatives for its financial advisory division, after it posted a net consolidated profit after tax of $2.21 million for the financial year.
To combat the lasting results of the global financial crisis, Fiducian had put marketing initiatives for its planners in place, which involves explaining the economic environment and encouraging long-term investors to take advantage of current market weakness.
"Increased frequency of client contact and communication by all Fiducian Financial Planners has been encouraged and has resulted in impressive client retention levels," the company said in its 2012 annual results announcement.
Fiducian has been analysing developments since the enactment of the Future of Financial Advice legislation and the inherent risks of making acquisitions at such a time.
However, it acquired three small financial planning client groups where there was evidence of quality advice.
It will concentrate on acquiring accounting practices through Fiducian Business Services, the company said.
Further service and developments to Fiducian's platform service will include an independent self-managed super fund administration facility for financial planners, which in conjunction with Fiducian Business Services, aims to capture a share of the growing segment.
Improvements to the company's internal administrative systems were also put in place during financial year 2012 to provide greater integration with its online reporting and financial planning system.
"The board remains cautious but is confident that in spite of strong headwinds having been experienced over nearly five years, the future of the business in its present form is sound and likely to strengthen in an improving economic and financial market environment," the company said.
