Benbow delivers solid result for Centrepoint

Non-bank dealer group Centrepoint Alliance delivered a net profit after tax of $1.7 million for the last six months of 2018, a significant improvement on the $1.9 million loss recorded in the prior corresponding period.

The company boasts a network of 2,447 advisers, 2,096 of which are self-licensed.

Adviser revenue per corporate firm was $23,900 over the half-year, while each self-licensed firm generated $32,600 for the dealer group.

“There remains an unequivocal demand for quality financial advice, and with the structural disruption of the industry that is occurring Centrepoint is uniquely placed to capitalise on these unfolding changes,” Centrepoint chief executive Angus Benbow said.

“We have a strong community of quality licensed advisers, as well as providing services to over 200 self-licensed firms.

“We have made solid progress on our Strategic Refresh over the last six months, working to transform Centrepoint to become a quality scale operator to the adviser market, with a new digitally enabled service offering. It is pleasing to be able to deliver a solid result against this backdrop of transition for the business and industry.”

Chairman Alan Fisher said the group has undergone significant change since the arrival of Mr Benbow in April last year.

"With a new look executive team in place, we have made solid progress over the last six months in delivering our Strategic Refresh, which is consistent with the recent recommendations from the royal commission. We are well placed to capitalise on the disruption taking place across the industry, and the opportunities this presents to a renewed and refocused Centrepoint,” he said.

Mr Benbow outlined the group’s intentions to adapt to the changes impacting the financial advice community when he spoke to shareholders at the Centrepoint AGM late last year.

The CEO said his new strategy looks beyond the short-term to focus on building a new service model that takes advantages of the opportunities he sees playing out as a result of the disruption ahead.

“In the 12 months ahead, Centrepoint will focus on transitioning to an advice and business services organisation where the needs of our advisers are at the heart of everything we do,” he said.

“In an industry often defined by its opaqueness, we will shift the playing field to an environment of trust and transparency, and look to set the standard in what it means to be a trusted adviser.

“To date, we have examined all aspects of our business, including a comprehensive review of our business portfolio. It has also resulted in a new organisational structure to better align to the market opportunities.”