Clime profits skyrocket following restructure

Clime’s profit before tax was reported at $3.8 million, an increase of 280 per cent on financial year 2020.

A successful merger of Madison with Clime has allowed both businesses to enhance investment offerings to clients through increased scale and greater expertise available across the group, Clime said.

In its full-year results presentation, the company also noted a streamlining of processes and systems between the two businesses is ongoing, with a key focus being the simplification of Clime’s technology architecture to improve client experience. 

Clime’s existing private wealth division is undergoing restructuring to sit under Madison’s AFSL, with the business looking to utilise their existing advice technology environment within the Madison brand, the company said.

“Throughout the integration of Madison into Clime, our strategy has been underpinned by a balance of established practices on the one hand, and innovation through technology and fresh advisor talent,” Clime chief executive Annick Donat said.

Clime expects growth to continue into financial year 2022, with more advisers and clients subscribing to the business.

“The success of our people strategy is emerging – we are starting to see steady growth in the number of new referrals, attracting advisers who are seeking a collaborative community,” Ms Donat said.

“Our advisers have seen increased demand for advice from consumers, and with the combined advice and investment capabilities offered by our team, the business has seen a steady increase of average revenue per practice”.