CountPlus has made a strategic decision to discontinue its paraplanning and back-office service, Wealth Axis, as part of a business clean-up initiative. CEO Hugh Humphrey expressed satisfaction with the company’s recent results, emphasizing the need to review and optimize investments, leading to the conclusion that Wealth Axis did not meet performance expectations.

Humphrey highlighted leadership and capability issues within Wealth Axis, citing subpar client experiences and financial losses as key reasons for the service’s discontinuation. CountPlus, operating in accounting, wealth, and services segments, aims to maintain high-quality support for its clients, with Humphrey underscoring the importance of providing top-notch services.

Despite the closure of Wealth Axis, Humphrey remains optimistic about CountPlus’s growth prospects. The company reported a 28% increase in adjusted EBITA, excluding one-off items, with the services segment showing promising growth. The appointment of chief risk officer Lisa Chambers is seen as a strategic move to enhance risk assessment capabilities and support future M&A activities.

With a strong foundation and a focus on growth, CountPlus is poised for a new phase under Humphrey’s leadership. The company’s increased EBITA across segments and a growing number of licensed advisers indicate positive momentum. Humphrey’s commitment to optimizing operations and positioning the business for expansion underscores a strategic shift towards productivity and scalability.

Industry experts view CountPlus’s move to streamline its business as a prudent step towards enhancing operational efficiency and ensuring sustainable growth. The decision to discontinue underperforming services aligns with industry trends emphasizing the importance of maximizing resources and improving client experiences.

As the financial services landscape evolves, companies like CountPlus are adapting to meet changing market demands and regulatory requirements. The focus on service quality and operational excellence reflects a broader industry shift towards more client-centric and efficient business models.

CountPlus’s decision to prioritize high-quality services and strategic investments underscores a commitment to long-term success and client satisfaction. By aligning its operations with market needs and leveraging internal expertise, the company is well-positioned to navigate industry challenges and capitalize on emerging opportunities.

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