Mortgage Choice’s financial planning arm more than doubled its net profit to $362,000 in the year to June 30.

Gross revenue was up 10.4% to $11.3 million. Funds under advice and inforce premium increased 37.8% to $733.5 million and 15.1% to $27.8 million respectively.

CEO Susan Mitchell says the financial planning arm continues to grow.

The mortgage broker’s overall net profit plunged 80.9% to $4.2 million due to a one-off, non-cash $28.5 million adjustment to roll out a new remuneration model.