No evidence of fear-driven withdrawals so far: Fiducian

ASX-listed wealth and advice business Fiducian has assured its shareholders that none of its investors or superannuation members have been disadvantaged so far amid the COVID-19 pandemic.

Work is currently ongoing for the acquisition of new financial advisory client bases and new franchised offices, Fiducian said, while some are approaching finalisation.

Despite these assurances, Fiducian confirmed that revenue had fallen.

"It is too early to assess the financial impact of the pandemic on Fiducian, but suffice to say that when markets fall so does our revenue," it said.

"The company has surplus cash for its operations and no debt."

All Fiducian staff and franchises have been encouraged to work remotely from home, with the firm revealing it had developed a business continuity and pandemic plan prior to the outbreak.

Fiducian offices are open on a "needs only" basis.

"Investment instructions are being received and transactions are being processed daily in line with normal operations," the firm said.

It's business as usual, Fiducian said, "albeit in a different setting".

All financial advisers remain connected with clients by phone or video conferencing, the group said, so as to help guide their clients through these difficult financial times.

"Well-designed strategies that could withstand such markets have been encouraged for use by our financial planners and we have seen no evidence of fear driven withdrawers from our platforms so far," Fiducian said.

"Client investments are being received and transacted and pensions and regular withdrawals are being paid on schedule so that none of our investors and superannuation members are disadvantaged in any way."

Fiducian said it had survived economic crises before, and it would again.

"We have weathered many disruptions over the past 23 years and come out stronger than before and so, we shall continue to work hard as we have done in the past and endeavour to deliver acceptable results for our shareholders," it said.

Read our full COVID-19 news coverage and analysis here.

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