View more on these topics

Apfa merger costs WMA £61,000

Merge-Mergers-700.jpgThe merger between adviser trade body Apfa and the Wealth Management Association cost the WMA more than £61,000, accounts show.

The two trade bodies merged earlier this year to create the Personal Investment Management and Financial Advice Association, a move that was supported unanimously in a vote from Apfa members.

Accounts released today show that ‘exceptional costs’ of £61,380 were incurred by the WMA during the merger, including legal fees and professional fees for services such as rebranding. Apfa is due to release its legacy accounts later this year.

Turnover at the WMA increased 4 per cent to £2.2m on the back of an increase in workshops and seminars. Revenue from workshops, seminars and conferences increased by more than £100,000, offsetting a £29,000 fall in membership fees.

The organisation made a loss of £25,150 last year, and would have made a profit of £26,923 this year were it not for the merger costs, which pushed it to a £34,457 loss.

The WMA still has accumulated profits for £1.34m however.

“The cash reserves remain high enough to sustain trading in the immediate future,” the directors note in the accounts.

Travel expenses for WMA staff came in at £26,257, up slightly on the £25,944 in 2016.

Recommended

Ian-Howe-700x450.jpg
2

Standard Life advice arm loses head of London office

Former Baigrie Davies managing director Ian Howe will leave Standard Life-owned advice business 1825 in January, as the firm confirms a number of other employees will also exit. 1825 acquired Baigrie Davies in April 2016. On completion of the deal Howe took on responsibility for 1825’s London office and joined the 1825 executive committee. Money […]

DWP-Department-Work-Pensions-700x450.jpg

Govt confirms auto-enrolment charge cap will stay

The 0.75 per cent charge cap on auto-enrolment pension schemes is working “broadly as intended” and will not be changed, the Government has confirmed. In a written statement today, pensions minister Guy Opperman, confirmed that following a review of the Government recent Pension Charges Survey, which took data relating to over 14m pension savers, there […]

5

CISI hits out at FCA inducement ban

The Chartered Institute for Securities & Investment has warned of unintended consumer detriment under the FCA’s proposed inducements ban. The CISI says while “extravagant hospitality gifts and monetary inducements are clearly unacceptable”, a blanket ban could restrict the opportunity for optimum knowledge sharing, networking and mutual understanding of products and services available across the industry. […]

UK-Currency-Money-Pounds-Notes-700x450.jpg
1

Asset manager to hike fund fees on Mifid II costs

Boutique firm Crux Asset Management will increase the cost of some of its funds as it plans to continue to charge clients for research after Mifid II, Money Marketing can reveal. Despite many peers having decided to absorb the costs, at the start of November the firm, created by ex-Henderson Global Investors star fund manager […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment