InvestSMART records profit surge as investors flock to robo advice
InvestSMART Group Ltd (ASX: INV), Australia’s largest provider of automated investment advice to retail clients and self-managed super funds, today announced its profit had surged in the year to June 30, 2016 as the group expanded its range of robo advice tools and content services.
In a year that was focused on business consolidation, cost restructure and systems development to improve scalability, InvestSMART’s operating profit before tax and amortisation jumped from $131,204 to $2.41 million.
The result, and the focus on improving services to members, set the scene for organic growth in member engagement and revenue in FY2017 as the numbers of investors turning to the group’s sophisticated robo advice tools continues to grow strongly.
Over the 12 months, the number of users of InvestSMART’s automated software to build and manage their investment portfolios more than doubled from just under 19,000 to around 45,000, while the group’s registered members doubled to more than 700,000 following the acquisition of investment website Eureka Report.
“With over 45,000 members monitoring over 65,000 investment portfolios, InvestSMART has a unique insight into where members may require further value added services,” said group managing director and chief executive, Ron Hodge.
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