John de Zwart

Centrepoint continues to make significant progress in executing its strategy to become the most respected non-aligned financial services provider in Australia with the acquisition of a strategic interest in RFE. This investment further signifies Centrepoint’s preparedness to support the growth of professional advice firms.

RFE’s business focuses on supporting accountants and mortgage brokers in providing wealth advice to their clients. The funds invested will be used to accelerate the already strong organic growth the business is experiencing.

Centrepoint Alliance’s Managing Director, John de Zwart, said, “RFE have developed a strong team and proven business model. By partnering with the financial and other resources of Centrepoint, we jointly felt we could accelerate growth. Centrepoint sees a very exciting future for professional advice firms and we are prepared to support and invest in businesses seeking to grow.”

RFE CEO, Peter Rheinberger, said, “Centrepoint was the logical choice for us. We have a strong cultural alignment and logically they had the resources and appetite we needed to execute on our strategy. RFE Group has had a long standing relationship with Centrepoint and knew it was a team we could trust and rely upon. They provide excellent professional services and advice, and this has never been more evident than when executing this deeper partnership. We are very pleased to have their support. We have some big goals and the RFE team is excited to have Centrepoint’s support to achieve them.”

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John de Zwart

Centrepoint Alliance Limited (ASX:CAF) (‘Centrepoint’), Australia’s leading non-aligned financial services organisation has announced a net profit before tax of $4.6m, up 79% on prior year, and EBITDA of $6.4m, up 56% on prior year.

Centrepoint also announced a final dividend of 1.2 cps fully franked to be paid on 19 October 2016.

Managing Director, John de Zwart, said, “In the past financial year, we have recruited 59 new professional wealth advice firms. It is evident the strategy to create a truly differentiated financial advice business in a rapidly evolving sector is leading to solid growth in an exciting market.”

Centrepoint’s Wealth business significantly increased the number of quality financial advice firms and grew funds under management and administration, with profit before tax up 75% to $5.4m compared to the prior year.

Centrepoint’s Lending business contributed a 22% increase in profit before tax to $2.5m driven by improved efficiencies in a challenging market.

“The team have done a fabulous job executing on the strategy over the last three years and this is beginning to be recognised in our results and by the market,” noted Centrepoint Alliance Chairman, Alan Fisher. “The focus on quality client outcomes has differentiated Centrepoint from traditional, and typically institutional, competitors, and is increasingly attracting likeminded professional non-institutional advisers and brokers.”

Centrepoint’s operating cash flow has improved by $6.9m to $4.3m (FY15 -$2.6m) and cash and cash equivalents were $10.2m at 30 June 2016, leaving the Group in a strong financial position from which to deliver on its strategy of organic and inorganic growth.

Mr de Zwart said, “Our goal is to be the most trusted and respected financial services business in Australia. Driven by several years of investment in our team, technology and client solutions in both the Wealth and Lending businesses, we have developed an innovative range of  solutions to help non-institutional advisers and brokers thrive. As a result, we are seeing long term, sustainable growth.

“It is our belief that organisations who focus on their clients will succeed as the pace of change and the options available for client’s increases. We have recently invested in a revitalised brand and website for our business and expect that the year ahead will see Centrepoint capitalise on and cement our reputation and presence within the financial services industry.”

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John de Zwart

Centrepoint Alliance, Australia’s leading non-aligned financial services organisation, has rebranded; bringing its various businesses together under one simplified umbrella with a new visual identity, and one central and easy to navigate website.

Rebranding as one entity is a critical step in Centrepoint Alliance’s transformation strategy to improve the quality of advice and financial outcomes for Australians.

Centrepoint Alliance’s businesses will now operate as a single brand with related sub-brands, which will bring together the strength of the collective businesses, and its strong community of clients.

The newly simplified business structure is categorised into four groups:

• Associated Advisory Practices will be known as Centrepoint Alliance Licensee Solutions;
• Alliance Wealth and Professional Investment Services will be known as Centrepoint Alliance Financial Advice;
• Centrepoint Alliance Lending and Centrepoint Alliance Premium Funding will be known as Centrepoint Alliance Lending Solutions; and
• Centrepoint Alliance Investment Solutions will house Ventura, vMAPS, and platform solutions.

According to Managing Director John de Zwart, the world of financial services has changed, and while Australians can now access information more quickly – they do not necessarily understand it all, making quality advice more important than ever.

Mr de Zwart said, “Centrepoint is well-positioned to take leadership in the industry and set new standards of service for our clients. This newly simplified structure gives our advisers and brokers easier access to our technology, research, training, and investment solutions, particularly for those who operate across multiple business lines.

“That makes it easier for advisers and brokers to lead their business and focus on their clients, which ultimately results in better outcomes for all.”

Mr de Zwart continued to say; “We understand how complex it has become to administer a quality advice firm with rapidly changing technology, regulations, and consumer demands. The combined company will allow our clients to put their customers at the centre of everything they do.

“We continue to attract high quality firms Australia-wide and our focus remains on developing, and delivering, the best advice tools and solutions for our clients and end customers.

“With the quality of our team and our professional culture, we are well placed to bring more value to them in this new world of financial advice.” For further information please contact:

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John de Zwart

Centrepoint Alliance Limited has announced an underlying net profit before tax of $3.2m for the first half ended 31 December 2015, up 16% on the prior period and down 26% on the prior corresponding period (pcp). The Group has a strong financial position with cash of $12m as at 31 December 2015.

The Chairman, Alan Fisher, commented, “We are pleased with the Group’s progress in executing on its strategy. The market environment in both business lines is challenging so it is particularly pleasing to see the transformation of the Wealth business gaining momentum and the Funding business growing its broker relationships and loans. In a market where competitors are reassessing their participation, Centrepoint is strengthening its position as the preferred choice for professional advisers and brokers.”

Centrepoint also announced an interim dividend of 1 cps fully franked to be paid on 29 April 2016.

The Wealth business delivered a solid result with an underlying pre-tax profit of $3.5m up 13% on the prior period. Our new competitive offering is performing well with growth in quality adviser recruitment, funds under management and administration, and adoption of new technology and services. The results were offset by investments being made in people, technology and new solutions, along with a reduction in practice fees following the move to a fixed fee model last year.

The Funding business’ underlying pre-tax profit was up 48% on the prior period. The Premium Funding business wrote a record 15,000 loans during the period. Premiums funded of $212m were flat on the pcp and up 26% on the prior period driven by 12% growth from the eastern states.

Managing Director, John de Zwart, said, “The momentum in the business is exciting as we continue to deliver on our strategy and provide leading solutions and support for professional independent advisers, brokers and their clients.

“The investments we have been making in our team and services will underpin growth in the coming periods. While the markets have been tough, the demand for quality professional advice by Australians has never been greater. We are very optimistic about the future for independent advisers.

“We are proving our ability to transform not just our own business but the businesses of our adviser partners in a rapidly changing market environment.”

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$50,000 raised for Hands Across the Water program.

Centrepoint Alliance Limited has raised $54,524 for Hands Across the Water at their Annual Conference.

The Centrepoint community of staff, financial and risk advisers, accountants, brokers and product providers did not hold back, with generosity streaming in from every angle during the conference.

Centrepoint Managing Director John de Zwart says that charitable initiatives have always been a part of the Centrepoint strategy. ‘Giving back to the community is always a key part of any Centrepoint initiative.

‘The work that Peter Baines and the Hands Across the Water team do is incredible and the fact that we can make a difference to the lives of children from disadvantaged and abusive homes was very humbling,’ says de Zwart.

A group of 12 Centrepoint staff and advisers visited the Hands Across the Water team working with over 100 children in the province of Khao Lak, Thailand.

The annual conference is the pinnacle event in the Centrepoint calendar and has been touted one of the best conferences in the financial services industry.

‘Every year we raise the bar and bring in experts in the areas of financial planning, health and lifestyle, futurists and marketing innovation.

‘Every year I think, this conference can’t get any better, surely – and every year, it does,’ says de Zwart.

Hands Across the Water was first developed by Australian police forensic specialist Peter Baines, after the devastating Boxing Day tsunami hit the Thailand shores in 2004, leaving countless local Thai children without a home or a family.

Since then, he has continued his great work by giving underprivileged Thai children and their communities a helping hand.

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John de Zwart

Centrepoint Alliance Limited yesterday announced its half-yearly results to the ASX, reporting a statutory NPAT for the Group of $2.9m, up 126% on the prior corresponding period.

The Chairman, Rick Nelson commented, “The Group has delivered a number of new and improved initiatives during the period which will allow the business to execute its strategy to be a market leader in the delivery of quality financial advice. Both the Centrepoint Funding and Wealth businesses hold strong positions in their respective markets and we will continue to build on those.”

John de Zwart, Managing Director of Centrepoint Alliance Limited said, “The strong growth recognises the investment the Group has made, and continues to make, in supporting non-aligned professional advisers and brokers to build their businesses.

“We’ve made significant inroads in the past half year. We have launched a new separately managed account service, the Premium Funding business has grown its east coast business by 24% and recently signed a distribution agreement with the Steadfast Group, and our adviser network is starting to see the benefits that a focus on delivering quality advice is bringing to their practices”.

Centrepoint Alliance Wealth, which consists of Associated Advisory Practices (‘AAP’), Alliance Wealth, Professional Investment Services (‘PIS’), Ventura Funds Management, and Investment Diversity, announced a solid underlying pre-tax profit of $4.0m, up 29%.

John de Zwart said, “During the half year we continued to execute our strategy to support advisers grow their business and improve the quality of advice and financial outcomes for Australians.

“Centrepoint continues to invest in people and technology. Advisers need support from a partner who can invest in the systems, services and solutions to enable an adviser to deliver quality advice in a sustainable profitable manner. Centrepoint is investing heavily on behalf of our advisers to overcome the compliance and administrative challenges they face. Our goal is to reduce our advisers cost to serve clients by 50%.

“An example is Ventura’s Managed Account Portfolio Service, (‘vMAPs’) launched in October. Using the latest technology and leading international service providers, vMAPs delivers far superior outcomes for clients compared to traditional platforms, managed funds or direct equities.

“We will continue to develop innovative best-of-breed services and solutions to enable advisers to provide the best quality advice and client service while also running efficient and profitable practices. In our view, the two objectives go hand in hand,” said Mr de Zwart.

“Our professional standards, adviser training and business development capabilities have been transformed and are increasingly being highly valued in the market.

“It is pleasing to see the hard work and commitment of all involved being rewarded with these results, as they are a solid indication that our strategy is working, and the Group is well positioned for sustainable, above market growth.”

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The working group will address issues such as the quality of advice, product design and remuneration structures which were raised in ASIC’s Review of Retail Life Insurance and Advice report released on 9 October.

As independent chair, Mr Trowbridge will convene the working group and facilitate industry and policy solutions. The group will specifically address retail life insurance product structures, financial advice and distribution practices.

Brad Fox, CEO of the AFA said: “Mr Trowbridge brings extensive knowledge of Australia’s regulatory system to the Working Group. This will be pivotal in assisting the group to develop sustainable and workable solutions for stakeholders.”

Mr Trowbridge’s experience spans the private and public aspects of the financial system and ranges from competition in retail financial services, to capital structure issues, system stability and regulation. From 2006 to 2010 Mr Trowbridge was one of three Members of APRA’s executive where he was responsible for life and general insurance and executive remuneration. He was a pioneer of general insurance actuarial work in Australia and held senior management roles with QBE and Suncorp. In 1981 he started Trowbridge Consultingwhich became a leading actuarial firm in Australasia and which merged with Deloitte in 2000. Also, after merging with a US firm (Tillinghast) in 1984, he gained extensive experience in life insurance and, on deregulation of banking.

Mr Trowbridge said: “The ASIC report points to some important issues for consumers and the broader Australian community. These are complex and difficult issues for the life insurance and advice industries to solve.”

“I applaud the Association of Financial Advisers and the Financial Services Council in taking the initiative to set up a Working Group which will make a concerted effort to find durable solutions in consultation with all stakeholders.”

“I am delighted to contribute to this initiative through leadership of the Working Group,” he said.

The Working Group will include three representatives from the FSC and three from the AFA. The FSC’s representatives will be: John Brogden – FSC CEO; Andrew Hagger – group executive, NAB Wealth and CEO of MLC Limited; and Geoff Summerhayes – CEO of Suncorp Life.  AFA representatives will include: Brad Fox – AFA CEO; John de Zwart – CEO of Centrepoint Alliance and Jeff Thurecht – AFA NSW State Director.

A public report on the group’s initial findings will be released in mid-December and a final report in February 2015. The Working Group will consult with the regulators and Parliament on its recommendations.

John Brogden, CEO of the FSC said: “We take the findings in the ASIC report very seriously.”

“It is important that consumer trust and confidence in financial advice and products is restored to ensure Australians have sufficient life insurance cover.”

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Professional Investment Services has completed their Ongoing Monitoring Program (OMP) following ASIC’s recognition of the team’s significant improvement in the quality of advice, compliance and audit functions and a commitment to enhancing its financial advice risk management framework.

‘We are very pleased to announce the conclusion of Professional Investment Services’ Ongoing Monitoring Program with ASIC,’ says Centrepoint Managing Director John de Zwart.

‘This is another key milestone in the execution of the Group’s strategy and most importantly,increasing the quality of financial advice Australians receive.’

Professional Investment Services entered into the OMP of its financial advice risk management framework following the conclusion of its Enforceable Undertaking in 2013.

‘Over the past 12 months, we have made transformational strides in the business and we appreciate everyone’s support in this ongoing journey to build high quality business around high quality practices.

‘ASIC has acknowledged the changes we have made in our own business and now it’s our job to transform our industry and the way in which wealth advice and services are delivered to Australians,’says de Zwart.

Following the conclusion of the OMP, neither Professional Investment Services, nor any entity within the Centrep

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John de Zwart

Centrepoint Alliance Limited (Centrepoint) has reported pre-tax profit of $2.2m, up 229% on the prior corresponding period with overall revenues increasing by 2% to $27.4m.

The Premium Funding division had an excellent start to the year with strong growth in revenues, profits and market share. The Wealth Management division has made substantial progress in its transformation to become a highly respected customer and adviser centric business.

Centrepoint’s Managing Director John de Zwart says, ‘these great results reflect the continuous improvements we have made across the business and in particular, our adviser systems, standards and training, with further enhancements made to our practice development capabilities.

‘We have positioned Centrepoint for growth with management capabilities continuously being strengthened and the culture aligned with our vision of being a highly respected non-institutional service provider to financial advisers and licensees.’

The Premium Funding business has reported a strong underlying pre-tax result of $2.5m, up 32% on the prior corresponding period.

‘Recent industry consolidation has provided us with the perfect opportunity to grow our market share with a 25% increase in the number of brokers actively providing business to us. We invested in improvements to our IT systems which has enhanced the overall experience for our customers.

‘These improvements are greatly benefiting productivity and are resulting in repeat business,’ says de Zwart.

The Wealth Management business has reported an underlying pre-tax profit of $3.0m supported by stronger financial adviser engagement and cost management.

‘During this period, our financial adviser relationships have strengthened as a result of our change in culture and this being reflected in improved service and offerings to our networks.

‘The Group holds strong positions in segments of the financial services market which are fast growing and high margin. The business has an experienced team that is growing market share in each segment, building capabilities and delivering superb service to customers and clients.

‘A significant investment is being made in our people and technology to meet our customers’ needs, whilst assisting brokers, financial advisers and accountants to operate efficient and profitable businesses,’ says de Zwart.

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Neil Rogan has joined Centrepoint as the Head of Distribution Strategy and Marketing, David Spiteri rejoined the group as the National Manager, Life Insurance and Theodore Hatsis will join the company as Head of Research. Simon Backman has also been announced as the Regional Manager for Queensland and Northern New South Wales for Professional Investment Services.

Centrepoint Managing Director John de Zwart says, ‘Our vision is to be the leading and most respected financial services business in Australia. These appointments underpin this ambition and will provide market leading capabilities to our practices across all our businesses.

‘The Centrepoint group is an integrated wealth and funding group of companies with knowledge and expertise spanning the areas of financial advice, platforms and administration, funds management, funding and mortgage broking. These new appointments will provide further opportunity for synergies and shared expertise across the group.’

One of Neil’s key objectives in his new role is to develop and align the Centrepoint services to assist in growing practices.

‘This will be facilitated through various marketing initiatives, sales campaigns, lead generation and cross sell activities supported by practice coaching. Neil has a long track record of success in the industry and is well suited to Centrepoint’s family culture.

‘David Spiteri has been in the industry for 26 years and is a great fit for the Centrepoint team – professional, commercial and friendly. David will have the responsibility of building Centrepoint’s risk specialist capabilities to match the needs of our advisers,’ says de Zwart.

Theodore Hatsis will be joining Centrepoint’s Strategic Initiatives team as Head of Research.

‘Theodore will be responsible for providing strategic research analysis for the management of the APL and monitoring ASIC announcements and legislation affecting products, the APL and provision of product advice.

A key focal point for Research will also be to provide assistance in the form of education and bespoke portfolio construction assistance to our advisers,’ says de Zwart.

Simon Backman has been with Professional Investment Services since 2010, joining the team as Practice Consultant.

‘His extensive background in the financial services industry includes practice development, practice management, senior financial planning and finance which places him in good stead to continue offering trusted support and development to our network.

‘These appointments are yet another step forward for Centrepoint as we continue to build on the expertise within the team to provide our networks with consistent, quality and reliable services across key business streams – Practice Development, Marketing and Technical expertise.

‘Centrepoint will continue to reduce the compliance and administrative burden on advisers by lowering the principals’ working hours; allowing them to cut back on the number of back-office and support staff; or spend more time with new and existing clients, freeing them up for the satisfying and rewarding aspects of being a financial adviser,’ says de Zwart.

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