OneVue reduces loss and announces partnership

Platform provider OneVue has partnered with Sydney-based, non-aligned specialist dealer group Accountable Financial Solutions.

OneVue reduces loss and announces partnership

tlewis

Last Updated: 26 August 2015 Published: 26 August 2015

Accountable, which delivers advice, product and training solutions to accountants and tax advisers, will now use OneVue's digital platform.

Commenting on the deal, Accountable executive director Tony Zulli said the dealer group has been seeking a platform provider that could offer investment and superannuation product solutions tailored to its scalable advice solutions for accountants.

"The majority of accountants in practice have never been authorised under a licence nor had any connection with a platform provider," Mr Zulli said.

"Yet they are interested in having a discussion on how they can offer products and services that are relatively simple and easy to deliver to their clients," he said.

OneVue chief executive Connie Mckeage said the platform will assist Accountable to better support accountants in servicing individuals, SMSFs, trusts, not-for-profits, businesses and family groups.

The appointment of OneVue follows the firm's recently released financial year results - in which it reduced its net loss for the year end 30 June 2015 to $220,000 from $5.23 million for the previous financial year.

For the year end 30 June 2015, OneVue's platform services sector contributed 70.4 per cent to the company's revenue.

The firm's total revenue represents an increase of 92 per cent from $13.21 million for 2013-14. However, this was counterbalanced by a 62 per cent increase in operation expenses of $24.72 million.

The group's fund services, which offer outsourced unit registry and installed software, delivered revenue of $7.52 million, up 29 per cent on the previous year.

"The growth in fund services revenue demonstrates the company's growing strength in servicing the back-office of institutions as evidenced by the increasing confidence of local and global investment managers who are using our services," Ms Mckeage said.

According to OneVue, the company expects its future growth to be driven both organically and by further acquisitions.