Count adds 101 new advisers in FY23

In its full-year results released to the ASX on Wednesday, Count reported that it added 101 net new advisers during the 2023 financial year, representing a 36 per cent increase to a total of 379.

This growth followed Count’s acquisition of Affinia Financial Advisers from TAL, which the firm described as a “game changer” for its wealth segment with the addition of more than 100 advisers and approximately $4.5 billion in client funds under advice (FUA).

“For Count, this acquisition continued a period of consistent adviser growth over the past two years, bucking the trend of diminishing adviser numbers being witnessed across the industry,” the firm said.

Count said its wealth segment delivered a strong performance during FY23 with revenues up 17 per cent to $18.1 million and adjusted aggregate EBITA rising 23 per cent to $2.6 million.

During the financial year, the firm indicated that 25,065 statements of advice (SOA) and records of advice (ROA) were delivered to clients, 2 per cent higher than in FY22.

For its overall business, Count reported a 7 per cent increase in group revenues to $91.5 million as well as a 6 per cent increase in reported EBITA to $12.2 million for FY23.

“The past year has been a significant period of delivery and transformation for our business,” commented Count chief executive officer Hugh Humphrey.

“For the first time in our 43-year history, Count operates as a single, strong brand in the market alongside our new client-centred value proposition.”

Mr Humphrey said the firm had delivered on its ambition to scale the wealth segment with the acquisition of Affinia. Count now reportedly represents a network of around 400 advisers.

“Count delivered profit growth in all segments during a period of intense change and despite a number of challenges. Our focus on clients is producing results and our strategy continues to diversify our earnings base,” he noted.

“We are well positioned for growth with strong demand for services in all segments. As one of Australia’s leading integrated accounting and wealth services providers, we continue to fulfil our promise to give clients the confidence to look ahead.”

Count has declared a fully franked final dividend of 2.25 cents per share, 13 per cent higher than in the previous financial year, taking total dividends for the full year to 3.75 cents per share.

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.