Centrepoint reports 2021 rebound

The group announced a net profit after tax of $1.8 million, an improvement on the loss of $2 million after-tax reported at the end of the FY20.

The firm announced its adviser base now sits at 315 authorised representatives, with Centrepoint highlighting scale as key to its success in a backdrop of declining industry numbers.

Centrepoint also reported that it remained focused on expanding its scale when it came to offering technological solutions and better support services to advice firms.

“We know that technology has a clear impact on the profitability and efficiency of our members’ businesses,” said John Shuttleworth, Centrepoint Alliance chief executive.

“We have also invested in delivering service at scale within our own business, which has resulted in high levels of member satisfaction. Today 93 per cent of enquiries received are resolved within two days, with average turnaround time improving by 20 per cent.”

Notably, Centrepoint has demonstrated it will continue strengthening its power of scale through strategic acquisition, with the firm announcing that it has agreed to purchase the advice businesses of ClearView Wealth.

“We enter FY22 with a positive outlook for growth and look forward to providing quality business services and support to a broader range of financial advice professionals in the year ahead,” Mr Shuttleworth concluded.