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A2O wants commission to stay as profits leap 40%

Profits have soared by 40 per cent for IFA network Alpha to Omega.

The Winchester firm says profits rose to 732,000 for the year ending March 31 from 520,000 last year. Turnover increased by 7 per cent to 10.6m from 8.1m.

The network has 42 member firms and is in its fourth year of trading. Chief executive Stewart Wooles says profits will be reinvested into the business so it can offer members improved services, including an updated online commission system through its new website and better terms across a range of specialist industry software.

He says: “This has been another year of steady progress, with improved productivity and profitability. The year ahead will be challenging, with the introduction of Mifid and the effects of the retail distribution review. We remain convinced that commission, when open and transparent, should remain an option for our members. That is what they want and, more important, what a majority of their clients want.”

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