2plan draws on Standard Life funding at slower pace

9 August 2010 0:00 am | Updated: 9 August 2010 9:11 am | By Natalie Holt

National IFA 2plan Wealth Management is accessing external funding from shareholders Standard Life at a slower pace than forecast with funding at £900,000 less than planned.

Standard Life own a 15 per cent stake in the national IFA.

2plan reported a turnover for the first half of the year of £5.7m compared to £3.5m at the same time in 2009, thank to three months of £1m plus business levels.

The company says half year turnover is £308,000 ahead of its business plan putting 2plan on target to achieve its £11.8m target turnover for the whole of 2010.

2plan has not yet moved into profit. It reported a budgeted loss of £948,000 to June 30 2010 and an actual pre-tax loss of £557,000.

Chief executive Chris Smallwood says: “Against the trend, we believe our success comes down to a combination of our commitment to run a technology-led business with regulatory standards at the core and quality staff and advisers who retain a keen focus on professional standards and putting clients first.

“Our decision to invest significantly in technology and infrastructure upfront is also really proving its worth now. This type of efficiency is an important factor in why we have been able to deliver sustained growth in what continues to be a difficult marketplace for many.”

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