Hugh Humphrey

Count Financial has been crowned 2024 Dealer Group of the Year at the inaugural Australian Wealth Management Awards in Sydney last night.

The Count-owned licensee won in the ‘Best Licensee-Owned Dealer Group’ category ahead of other notable finalists such as AMP Financial Planning, Insignia Financial and MLC Advice.

The Australian Wealth Management Awards acknowledge excellence across the dynamic wealth management industry, with winners chosen against key criteria including performance, brand recognition and adviser sentiment over the past 12 months.

Hugh Humphrey, Chief Executive Officer at Count, said the win would not be possible without the licensee’s outstanding adviser community.

“In my role, I’m fortunate to meet so many advisers around the country from our network and see up close how hard they work, their passion for what they do and their unwavering focus on delivering exceptional outcomes for clients. Their commitment, energy and enthusiasm drive us to be a better business every day.”

Mr Humphrey also acknowledged the dedicated Count team for their efforts in creating a high-quality service to support their community.

“In our most recent adviser survey, 93% of our advisers said they would recommend Count to someone looking to change licensees. That’s because we are committed to doing the right thing by our advisers – broadening our service offerings and boosting their productivity through innovation. That service mindset is a fundamental component of who we are and what we stand for as a business.”

The post Count wins prestigious industry award appeared first on AdviserVoice.

Hugh Humphrey

Count Limited (Count) has upgraded the cost synergy benefits expected to be achieved following the successful integration of Diverger Limited (Diverger).

Annualised expected cost savings have been increased to approximately $4m, to be achieved in FY25. This represents a considerable upgrade from the initial $3m expectation announced at the time of the transaction.

Hugh Humphrey, Count Chief Executive Officer, said the substantial improvement further evidenced the strategic value of this transaction, and was made possible by the way in which Count has approached integration.

“Following this acquisition, Count cemented its position as one of Australia’s leading integrated accounting and wealth services providers with over 500 accountants and 550 financial advisers in our national community. The synergies we’ve identified so far will ensure we can continue to operate more efficiently, delivering better outcomes for our shareholders, firms and clients.”

Mr Humphrey praised the team from the new, combined Count business in achieving this outcome.

“Our people have moved quickly and worked hard to integrate the businesses and realise tangible benefits. I’m grateful for the hard work of the team to successfully complete the transaction, integrate the businesses smoothly and make doing business easier for all our business partners.”

The post Count upgrades synergy benefits appeared first on AdviserVoice.

Hugh Humphrey

Count Limited (Count) has announced the completion of the acquisition of Diverger Limited (Diverger).

Hugh Humphrey, Count CEO, said completion of the acquisition is a material structural development in the Australian wealth management advice landscape, and a pinnacle moment in the Company’s 44-year history.

“This acquisition resets the structure of wealth management advice in Australia, creating a leading diversified financial services company. The network now represents over 590 accountants, in excess of 550 financial advisers and a greatly expanded suite of services. Combined revenues for FY23 exceed $129 million and the Group has funds under advice (FUA) of $29.9 billion.”

“Through the Diverger acquisition, Count’s firms and their clients will access benefits through a range of exciting new services and investment options, including technical support, tax training, separately managed accounts (SMAs) and IT services.”

“An important strategic driver for this acquisition was for Count to significantly expand its Services segment through the addition of Knowledge Shop, TaxBanter and Priority Networking to our existing businesses of Accurium and (the recently announced) Solutions Centric. The addition of the CARE SMA portfolios and the supporting client-centric advice processes provide new growth opportunities. There are material scale benefits that come from being one of Australia’s largest integrated accounting, wealth and services providers, including the ability to secure better rates on platforms, insurances, technology and research services.”

“This new chapter for Count enables us to offer high-quality, holistic financial services to more clients in Australia.”

“As an industry leader and one of the largest professional advisory businesses in Australia, Count can give more Australians access to the advice they need to have the confidence to look ahead.”

The post Count completes Diverger acquisition appeared first on AdviserVoice.

Hugh Humphrey

Count Limited (Count) has issued its half-year (1H24) financial results for the six months ending 31 December 2023.

Key highlights include:

• Revenue increased by +6% compared to the prior period, driven by both organic and acquisitive growth.
• Underlying Earnings Before Interest, Tax and Amortisation (EBITA) up by +9% to $5.436m (1H23: $4.965m) mainly attributable to improved EBITA margins of 21.4% in the Accounting segment.
• Completion of seven growth transactions to date (excluding Diverger) with two additional transactions announced since 31 December 2023.
• Statutory profit for the period increased by +135% to $2.014m (1H23: $858k).
• An interim dividend of 1.5 cents per share.
• Diverger transaction on track to complete on 1 March 2024.

Hugh Humphrey, Count Chief Executive Officer, said: “The strong performance is particularly pleasing as the Company simultaneously delivers one of the most significant transformations in our 44-year history. Count continues its strategic execution to build capability and drive growth across our three segments of Accounting, Wealth and Services. These results are a strong endorsement of this focus, with the most exciting phase still to come as we complete the acquisition of Diverger on 1 March.”

Upon completion of the Diverger transaction, Count will be one of the largest advisory businesses in Australia. The Company will have more than 550 financial advisers, materially increasing earnings both through scale and through more diversified service offerings.

Accounting performed well in 1H24, delivering a +20% increase in underlying EBITA compared to the prior corresponding period. The Accounting EBITA margins increased to 21%, despite a challenging economic environment and continued cost-of-living pressures.

In Wealth, Count invested in accelerating the transition of Affinia advisers to the Count AFSL following completion of that transaction in May 2023. Count will achieve significant scale and earnings diversification in Wealth following completion of the Affinia and Diverger transactions, with over 550 advisers and the CARE managed portfolios.

Consistent EBITA was generated in the Services segment, with Accurium continuing as the market-leading provider of actuarial certificates and related services. Count announced a strategic 51% investment in Solutions Centric on 12 February 2024, extending our service offering through the addition of this high-quality outsourced technical accounting, tax and Self-Managed Super Fund (SMSF) services provider. Count will further expand its Services segment with Knowledge Shop, TaxBanter and Priority Networking once the Diverger transaction completes.

“These results, highlighted by an increase in profit and cash earnings, continue the strong momentum we recorded in the second half of FY23. The strength of our financial position and enviable acquisitions pipeline means we are well-positioned to achieve further strategic growth,” Mr Humphrey concluded.

The post Count highlights growth momentum in 2024 half-year results appeared first on AdviserVoice.

Hugh Humphrey

Count Limited (Count) has welcomed the news that the Federal Court of Australia has made orders approving the scheme of arrangement for its proposed acquisition of Diverger Limited (ASX: DVR) (Diverger).

Federal Court approval was the final step required for the acquisition to go ahead, after Diverger shareholders voted overwhelmingly in favour of the Scheme in January 2024.

Hugh Humphrey, CEO at Count, said last week’s Federal Court approval was terrific news that paved the way for Count to complete the transaction in the coming weeks.

“The completion of this milestone confirms our previously announced strategic growth ambitions through the acquisition of Diverger. This is a pinnacle moment in our 44-year history which will transform Count into a larger, more diversified business.”

Mr Humphrey added that the expanded business would be able to deliver added benefits to its national network of accountants, financial advisers and their clients.

“Our Members and their clients will have access to a range of new services offered by Diverger, along with the scale benefits that come from being one of Australia’s largest integrated accounting, wealth and services providers.”

The acquisition is set to complete on 1 March 2024.

The post Count set to complete Diverger acquisition appeared first on AdviserVoice.

Hugh Humphrey

Count Limited (Count) has announced the acquisition of Solutions Centric, an Australian company that provides offshore accounting, tax and SMSF services out of India.

Founded in 2016, Solutions Centric has a reputation for delivering outstanding service and providing tailored and highly technical support to accounting businesses. The acquisition continues Count’s strategy of expanding its Services segment to complement its existing group services that support accounting and financial planning businesses (IT and offshore capabilities), along with actuarial certificates, SMSF and tax training/education.

Hugh Humphrey, Chief Executive Officer at Count, said the acquisition supported Count’s strategic focus on expanding its Services segment.

“This acquisition continues Count’s recent strategic growth momentum with the addition of a quality and highly technical outsourced services provider. We know that accounting firms are still experiencing resourcing challenges, so the need for reliable external providers with strong technical knowledge has never been more important in servicing clients and supporting practice efficiency.”

Krish Sritharan, Managing Director and CEO at Solutions Centric, said he was excited about leading the next chapter of the business and the benefits that come from joining the Count community.

“This strategic partnership with Count allows for the next stage of evolution and development for Solutions Centric within the professional services industry. The existing synergies between Count and the management team at Solutions Centric will provide a strong platform for growth and support to the accounting and financial services industry in Australia.”

Post completion, Solutions Centric will continue operating as a stand-alone entity within Count’s equity partnership model under Mr Sritharan’s leadership, with the backing of key investors in the business.

The acquisition is expected to complete before 31 March 2024.

The post Count expands service offering with acquisition of Solutions Centric appeared first on AdviserVoice.

Hugh Humphrey

Count Limited (Count) equity firm Bruce Edmunds & Associates (Bruce Edmunds), has announced the purchase of the accounting client book of May Klye & Associates (May Klye).

The announcement continues Count’s expansion in Victoria, coming within one week of the news that Count would purchase the accounting client book of Business Accounting Melbourne through Kidmans Partners.

Based in the Melbourne suburb of Cheltenham, May Klye is a long-standing financial services practice with significant accounting expertise. The business has accounting and bookkeeping revenues of $1.2m.

Count Chief Executive Officer, Hugh Humphrey, said the client book acquisition would create scale benefits for Bruce Edmunds.

“Count continues to invest in quality businesses that expand our client base and accounting revenues as a result. May Klye’s clients and team will benefit from the significant experience and knowledge we have within Bruce Edmunds, a business that was founded in 1966 and has a proven track record of delivering exceptional outcomes.”

The post Count expands further in Victoria appeared first on AdviserVoice.

Hugh Humphrey

Count Limited (Count) through its Victorian subsidiary firm Kidmans Partners (Kidmans) has announced the purchase of the accounting client book of Business Accounting Melbourne.

Business Accounting Melbourne is a modern practice that specialises in the automation and implementation of systems and technologies to streamline all accounting and bookkeeping processes.

Count Chief Executive Officer Hugh Humphrey said the acquisition continued to drive Count’s strong and consistent growth.

“This transaction is further evidence of Count’s growth strategy which will expand Kidmans’ client base and associated accounting revenues. Kidmans is a successful and established financial services business in Melbourne and the clients of Business Accounting Melbourne will benefit from their expertise, experience and client-first approach.”

The post Count makes Victorian acquisition appeared first on AdviserVoice.

Hugh Humphrey

Count subsidiary firm Twomeys has grown its Canberra presence with the acquisition of Allan Watt Accounting (AWA).

AWA is a family business that has been servicing clients across the ACT since 2006. They specialise in accounting, tax, bookkeeping and advisory services.

The transaction will expand Twomeys’ prominent Canberra presence, adding more than 700 new clients to the firm.

Count Chief Executive Officer Hugh Humphrey said the acquisition cemented Twomeys’ position as a leading integrated financial services business in the ACT and regional NSW.

“This transaction evidences Count’s growth momentum and reflects the ongoing strength of our acquisitions pipeline. Twomeys has long had a strong presence throughout regional NSW and continues to expand its Canberra presence following the acquisition of Addvantage last year. Joining Twomeys creates better outcomes for Allan Watt Accounting’s clients in Canberra.”

The post Count expands Canberra presence appeared first on AdviserVoice.

Hugh Humphrey

Count Limited (ASX: CUP) (Count) has announced the strategic acquisition of Diverger Limited (ASX: DVR) (Diverger), a leading provider of wealth, accounting and technology solutions to Australian accounting and financial advice professionals.

At completion, Count will represent a leading diversified financial services provider with total revenues of $132 million, Funds Under Management and Advice (FUMA) of $29 billion, around 550 advisers, 563 accountants and a significantly expanded Services segment. Hugh Humphrey, Chief Executive Officer at Count, said the transaction is a key milestone in Count’s growth strategy and an important step towards achieving the company’s ambition to be Australia’s leading provider of integrated accounting and wealth services.

“This is an exciting transaction that continues the disciplined execution of our growth strategy, bringing tangible benefits to Count and Diverger shareholders, our Member firms and their clients. Count and Diverger both have a deep heritage in accounting and financial advice, with complementary strengths that will position us as an industry leader.”

Diverger holds over $2.7 billion of investor assets in Diverger-managed portfolios. Count Member firms and clients will also have access to a range of new services and investment options currently offered by Diverger, including technical support, tax training and IT services.

Mr Humphrey added that the agreement underscored Count’s commitment to bringing high-quality, holistic financial advice to more Australians. “We believe every Australian should be able to access professional accounting and advice services from a trusted source, which in turn gives them the confidence to look ahead.”

Highlights of the transaction

• Count has identified approximately $3 million in cost synergies and a number of new revenue growth opportunities to be delivered through a rigorous integration and benefit.
• Count will benefit from a broader and more diversified shareholder base.
• The transaction is expected to deliver a material increase in scale and diversification of Count’s revenue and earnings as well as unlock incremental growth opportunities.
• This is a transformational acquisition between highly complementary businesses, which will create a leading integrated financial services provider.
• The Diverger Board has unanimously recommended that Diverger shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to the Independent Expert concluding that the Scheme is in the best interests of Diverger shareholders.
• Diverger’s major shareholder, HUB24, has issued a statement of support for the transaction, and in the absence of a superior proposal intends to vote all shares they control in favour of the transaction and to elect to receive maximum scrip consideration.
• The transaction values Diverger at A$45.3 million.

The transaction is expected to complete in early 2024.

The post Count set for expansion with Diverger acquisition appeared first on AdviserVoice.