Expanding the Revenue Base to Generate Stable Earnings
First written in FY2016. 16 of 38 entries say "Advanced", first in FY2018. Latest entry: 2026-10-20.
The whole theme swung hardest in 2020: 1 of 7 companies on the "Worse" side.
4 other companies' latest entry also says "Advanced".
- 2026-10-20Advanceds.kabutan.jp
「The main factors were increases in equity-related revenue and stock revenue (investment trust agency fees and fund wrap fees).」
The company announced that operating revenue for the first half of the fiscal year ending March 2027 is expected to increase 33.4% year on year, driven by increases in equity-related revenue and stock revenue. - FY2026AdvancedAnnual report
「Investment trust agency fees and fund wrap compensation generated from stock assets totaled ¥5.859 billion in stock revenue.」
Stock revenue from investment trust agency fees and fund wrap compensation amounted to ¥5.859 billion, and the SG&A expense coverage ratio rose to a record high of 45.6%. - FY2025AdvancedAnnual report
「As investment trust and fund wrap assets increased, investment trust agency fees rose 27.9% from the prior fiscal year to ¥2.857 billion, and fund wrap compensation rose 21.5% to ¥2.185 billion. The actual ratio was 41.8%, against a target of at least 33%.」
Investment trust agency fees and fund wrap compensation increased, bringing the SG&A expense coverage ratio from stock revenue to 41.8%, against the Sixth Medium-Term Management Plan target of at least 33%. - FY2025-H1Higher stable revenue items, lower investment trust sales feesAnnual report
「Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥1.397 billion (down 3.7% from the prior-year period). Although the company focused on selling investment trusts investing in shares of sustainably growing US companies, high-quality companies listed on financial product exchanges worldwide, mainly in the US, and semiconductor-related companies listed on exchanges in Japan and other countries, sales declined as the stock market became unstable from August through September. Other fees received amounted to ¥2.486 billion (up 30.7%), due mainly to increases in investment trust agency fees and fund wrap fees.」
Investment trust sales fees declined 3.7% from the prior-year period, while other fees received, including investment trust agency fees and fund wrap fees, increased 30.7%. The components of stable revenue moved in different directions, but stock revenue-related fees increased. - FY2024AdvancedAnnual report
「As investment trust and fund wrap assets increased, investment trust agency fees amounted to ¥2.233 billion (117.0% of the prior fiscal year) and fund wrap fees amounted to ¥1.798 billion (121.6%). The actual ratio was 33.3%, against the target of at least 33% for fiscal 2024.」
Investment trust agency fees and fund wrap fees increased, raising the SG&A expense coverage ratio from 29.7% in the prior fiscal year to 33.3%, above the planned target. - FY2024-Q3AdvancedAnnual report
「Total fees received during the cumulative third quarter period amounted to ¥8.914 billion (123.5% of the cumulative third quarter period of the prior fiscal year). Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥2.120 billion (122.0%). Other fees received amounted to ¥2.925 billion (112.2%), due mainly to increases in fund wrap fees and investment trust agency fees.」
Fees received, including investment trust sales fees, fund wrap fees and investment trust agency fees, all exceeded the prior-year period, and the major items comprising stable revenue increased. - FY2024-Q2AdvancedAnnual report
「Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥1.450 billion (119.2% of the prior-year period). This reflected strong sales of investment trusts investing in mid-cap stocks listed on Indian exchanges, investment trusts actively managed to grow their assets by investing in high-dividend-yielding Japanese stocks, and investment trusts focusing on Japanese companies with strong technological capabilities or brands and prospects for global growth. Other fees received amounted to ¥1.901 billion (108.5%), due mainly to increases in fund wrap fees and investment trust agency fees.」
Investment trust sales fees were 119.2% of the prior-year period, while other fees received, including fund wrap fees and investment trust agency fees, were 108.5%, resulting in increases in both major items comprising stable revenue. - FY2024-Q1Increase in stable revenue itemsAnnual report
「Other fees received amounted to ¥903 million (104.5%), due mainly to increases in investment trust agency fees and fund wrap fees.」
Other fees received, including investment trust agency fees and fund wrap fees, increased to 104.5% of the prior-year period, and the items comprising stable revenue increased. - FY2023Lower stock revenue-related fees, lower coverage ratioAnnual report
「As investment trust assets declined, investment trust agency fees amounted to ¥1.909 billion (94.4% of the prior fiscal year). Fund wrap assets increased, but fund wrap compensation amounted to ¥1.479 billion (91.9%) due to lower performance fees. As a result, the actual ratio was 29.7%, below the target of at least 33%.」
Investment trust agency fees and fund wrap compensation both declined, causing the SG&A expense coverage ratio to fall from 30.0% in the prior fiscal year to 29.7%. - FY2023-Q3Continued decline in stable revenue itemsAnnual report
「Other fees received amounted to ¥2.607 billion (93.1%), due mainly to declines in fund wrap compensation and investment trust agency fees.」
Other fees received, including fund wrap compensation and investment trust agency fees, declined to 93.1% of the prior-year period. Investment trust sales fees were also 76.3%, and the decline in major items comprising stable revenue is continuing. - FY2023-Q2Continued decline in stable revenue itemsAnnual report
「Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥1.217 billion (81.5% of the prior-year period). Although the company focused on selling investment trusts investing in US dollar-denominated global shares and bonds, sustainably growing US companies, and global cybersecurity-related companies, sales declined as the investment environment deteriorated. Other fees received amounted to ¥1.752 billion (95.0%), due mainly to declines in fund wrap fees and investment trust agency fees.」
Although the company focused on investment trust sales, sales fees declined to 81.5% of the prior-year period, while other fees received, including fund wrap fees and investment trust agency fees, also declined to 95.0%. - FY2023-Q1Decline in stable revenue itemsAnnual report
「Other fees received amounted to ¥864 million (96.0%), due mainly to declines in investment trust agency fees and fund wrap fees.」
Other fees received, including investment trust agency fees and fund wrap fees, declined to 96.0% of the prior-year period, and some of the major items comprising the stable revenue base weakened. - FY2022AdvancedAnnual report
「As investment trust and fund wrap assets increased, investment trust agency fees amounted to ¥2.022 billion (124.1% of the prior fiscal year) and fund wrap compensation amounted to ¥1.609 billion (121.5%), resulting in a ratio of 30.0%.」
The components of stock revenue increased, bringing the SG&A expense coverage ratio to 30.0%. The Sixth Medium-Term Management Plan will also continue efforts to build a stable revenue base centered on investment trusts and fund wraps. - FY2022-Q3Continued growth in stable revenue itemsAnnual report
「Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥2.278 billion (102.4% of the prior-year period). This reflected strong sales of investment trusts investing in shares of global AI-related companies, sustainably growing US companies, and Japanese growth companies. Other fees received amounted to ¥2.801 billion (130.4%), due mainly to increases in investment trust agency fees and fund wrap compensation.」
During the cumulative third quarter period, investment trust sales fees were 102.4% of the prior-year period, while other fees received, including investment trust agency fees and fund wrap compensation, were 130.4%, and the major items comprising stable revenue continued to increase. - FY2022-Q2Higher investment trust sales fees and stock revenueAnnual report
「Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥1.494 billion (103.4% of the prior-year period). This reflected strong sales of investment trusts investing in shares of global AI-related companies, sustainably growing US companies, and Japanese growth companies. Other fees received amounted to ¥1.844 billion (133.7%), due mainly to increases in investment trust agency fees and fund wrap compensation.」
Investment trust sales fees were 103.4% of the prior-year period, while other fees received, including investment trust agency fees and fund wrap compensation, were 133.7%, resulting in increases in both major stable revenue items. - FY2022-Q1Higher investment trust sales and stock revenueAnnual report
「Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥778 million (124.9% of the prior-year period). This reflected strong sales of investment trusts investing in shares of global AI-related companies, sustainably growing US companies, and high-quality growth companies from a long-term perspective. Other fees received amounted to ¥901 million (138.8%), due mainly to increases in investment trust agency fees and fund wrap fees.」
Investment trust sales fees and other fees received, including investment trust agency fees and fund wrap fees, were 124.9% and 138.8% of the prior-year period, respectively. - FY2021Higher stock revenue, lower coverage ratioAnnual report
「As investment trust and fund wrap assets increased, investment trust agency fees amounted to ¥1.630 billion (103.9% of the prior fiscal year) and fund wrap compensation amounted to ¥1.324 billion (100.7%), resulting in higher stock revenue. However, the ratio was 23.7% due to higher expenses, including bonuses.」
Investment trust agency fees and fund wrap compensation increased, but the SG&A expense coverage ratio from stock revenue was 23.7% due to higher expenses. - FY2021-Q3Higher investment trust sales fees, lower other fees receivedAnnual report
「Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥2.224 billion (146.6% of the prior-year period). This reflected strong sales of investment trusts investing in shares of global AI-related companies, sustainably growing US companies, and high-quality growth companies from a long-term perspective. Other fees received amounted to ¥2.148 billion (97.7%), due mainly to declines in investment trust agency fees and fund wrap fees.」
Investment trust sales fees increased to 146.6% of the prior-year period, while other fees received, including investment trust agency fees and fund wrap fees, declined to 97.7%. Revenue items comprising the stable revenue base continued to move in different directions. - FY2021-Q2Higher investment trust sales fees, lower other fees receivedAnnual report
「Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥1.445 billion (168.2% of the prior-year period). This reflected strong sales of investment trusts that invest in shares of global AI-related companies, sustainably growing US companies, and high-quality growth companies from a long-term perspective. Other fees received amounted to ¥1.379 billion (94.7%), due mainly to declines in investment trust agency fees and fund wrap fees.」
During the cumulative second quarter period, investment trust sales fees increased to 168.2% of the prior-year period, while other fees received, including investment trust agency fees and fund wrap fees, declined to 94.7%. Revenue items comprising the stable revenue base moved in different directions. - FY2021-Q1Higher investment trust sales fees, lower other fees receivedAnnual report
「Fees for handling offerings, secondary offerings, solicitations for sales to specified investors and other transactions, consisting primarily of investment trust sales fees, amounted to ¥623 million (165.0% of the prior-year period). This reflected strong sales of investment trusts that invest in shares of sustainably growing US companies and global AI-related companies. Other fees received amounted to ¥649 million (89.8%), due mainly to declines in fund wrap fees and investment trust agency fees.」
Investment trust sales fees increased to 165.0% of the prior-year period, while other fees received, including fund wrap fees and investment trust agency fees, declined to 89.8%. Revenue items comprising stable revenue moved in different directions. - FY2020Lower stock revenue coverage ratio, higher fund wrap assetsAnnual report
「The SG&A expense coverage ratio was 24.3%, as other fees received, which constitute stock revenue, declined due to the introduction of a long-term holding discount program for fund wraps and an increase in investment trust redemptions.」
Although the company continues to expand its stable revenue base, the SG&A expense coverage ratio from stock revenue declined from 25.9% in the prior fiscal year to 24.3%. Meanwhile, fund wrap assets under custody increased from ¥8.89 billion at the end of the prior fiscal year to ¥9.12 billion. - FY2020-Q3Continued decline in mutual fund sales commissions and fund wrap-related feesAnnual report
「Handling commissions for offerings, secondary offerings, solicitation of sales to specified investors and related activities, consisting mainly of mutual fund sales commissions, amounted to ¥1,517 million, or 95.6% year on year. Although the Company focused on selling mutual funds investing in U.S. equities and global assets, sales declined as the investment environment deteriorated. Other commissions received amounted to ¥2,199 million, or 89.5%, due mainly to decreases in fund wrap fees and mutual fund agency fees.」
Although the company focused on selling investment trusts, transaction fees declined to 95.6% of the prior-year period. Other fees received, including fund wrap fees and investment trust agency fees, also declined to 89.5%, and the decline in major stable revenue items is continuing. - FY2020-Q2Continued decline in mutual fund sales commissions and fund wrap-related feesAnnual report
「Handling commissions for offerings, secondary offerings, solicitation of sales to specified investors and related activities, consisting mainly of mutual fund sales commissions, amounted to ¥859 million, or 67.6% year on year. Although the Company focused on selling mutual funds investing in U.S. equities and owner-managed companies, sales declined as the investment environment deteriorated. Other commissions received amounted to ¥1,457 million, or 89.8%, due mainly to decreases in fund wrap fees and mutual fund agency fees.」
Although the Company focused on mutual fund sales, handling commissions declined to 67.6% of the prior-year level. Other commissions received, including fund wrap fees and mutual fund agency fees, also declined to 89.8%, marking a continued decline in the major fees comprising the stable revenue base. - FY2020-Q1Decline in mutual fund and fund wrap-related feesAnnual report
「Handling commissions for offerings, secondary offerings, solicitation of sales to specified investors and related activities, consisting mainly of mutual fund sales commissions, amounted to ¥377 million, or 53.8% year on year. Although the Company focused on selling mutual funds investing in U.S. equities, shares of leading Japanese and Asian companies, and companies whose management effectively constituted the principal shareholders, sales declined as the investment environment deteriorated. Other commissions received amounted to ¥723 million, or 91.3%, due mainly to decreases in fund wrap fees and mutual fund agency fees.」
Although the Company focused on mutual fund sales, handling commissions declined to 53.8% of the prior-year level, while other commissions received, including fund wrap fees and mutual fund agency fees, also declined to 91.3%. - FY2019AdvancedAnnual report
「During the fiscal year under review, the Company identified building a stable revenue base as its top priority. … Fund wrap assets under custody grew steadily through educational seminars on long-term, globally diversified investing and post-sale follow-up services.」
The SG&A expense coverage ratio from recurring revenue was 25.9% in fiscal 2018, achieving the target of at least 25%. Other commissions received, including fund wrap fees, also increased, while mutual fund sales commissions declined to 64.1% of the prior-year level. - FY2019-Q3Continued decline in mutual fund sales commissions and increase in other commissions receivedAnnual report
「Handling commissions for offerings, secondary offerings, solicitation of sales to specified investors and related activities, consisting mainly of mutual fund sales commissions, amounted to ¥1,587 million, or 67.4% year on year. Although the Company focused on selling mutual funds investing in global AI-related companies, companies engaged in businesses involving healthy older people and nursing care, and Japanese small- and mid-cap stocks, sales declined as the investment environment deteriorated. Other commissions received amounted to ¥2,457 million, or 114.8%, due mainly to increases in fund wrap fees and mutual fund agency fees.」
Although the Company focused on mutual fund sales, handling commissions declined to 67.4% of the prior-year level, while other commissions received, including fund wrap fees and mutual fund agency fees, increased to 114.8%. - FY2019-Q2Increase in recurring fees and decrease in mutual fund sales commissionsAnnual report
「Handling commissions for offerings, secondary offerings, solicitation of sales to specified investors and related activities, consisting mainly of mutual fund sales commissions, amounted to ¥1,270 million, or 86.2% year on year. Although the Company focused on selling mutual funds investing in global AI-related companies, companies engaged in businesses involving healthy older people and nursing care, and Japanese micro-cap stocks, sales declined as the investment environment deteriorated. Other commissions received amounted to ¥1,622 million, or 117.9%, due mainly to increases in fund wrap fees and mutual fund agency fees.」
During the cumulative second quarter under review, mutual fund sales commissions declined to 86.2% of the prior-year level, while other commissions received, including fund wrap fees and mutual fund agency fees, increased to 117.9%. Revenue items comprising the stable revenue base did not move uniformly. - FY2019-Q1AdvancedAnnual report
「Handling commissions for offerings, secondary offerings, solicitation of sales to specified investors and related activities, consisting mainly of mutual fund sales commissions, amounted to ¥702 million, or 106.5% year on year. This reflected strong sales of mutual funds investing in Japanese micro-cap stocks, global AI-related companies, and companies engaged in businesses involving healthy older people and nursing care. Other commissions received amounted to ¥791 million, or 119.6%, due mainly to increases in fund wrap fees and mutual fund agency fees.」
Mutual fund handling commissions were 106.5% of the prior-year level, while other commissions received were 119.6%, reflecting progress in the revenue base centered on mutual funds and fund wrap services. - FY2018AdvancedAnnual report
「During the fiscal year under review, the Company achieved strong operating results from both flow revenue received based on transactions and recurring revenue received based on assets under custody.」
The Company stated that both recurring revenue, including mutual fund and fund wrap fees, and flow revenue, including brokerage commissions and trading gains or losses, increased, producing a degree of progress in building a stable revenue base. - FY2017RestatedAnnual report
「The Company's challenge is to continue implementing the Fourth Medium-Term Management Plan (April 2016 to March 2019), expand recurring revenue centered on mutual funds and fund wrap services, and build a revenue base capable of generating stable income.」
The Company has reiterated the continuation of the Fourth Medium-Term Management Plan and the establishment of a stable revenue base centered on mutual funds and fund wrap services as key challenges. - FY2016First statedAnnual report
「The Company is working to realize its Management Vision by expanding the revenue base needed to generate stable income, which was identified as an issue under the Third Medium-Term Management Plan, and by seeking to achieve the numerical and qualitative targets of the Fourth Medium-Term Management Plan described below under (1) Target management indicators and (2) Medium- to long-term management strategy.」
Expanding stable revenue has been positioned as an ongoing issue carried forward from the previous plan.