National advice firm Beaufort has posted a pre-tax profit of £232,303 for the year ending 31, March up from a £253,172 loss last year.
Set up in 2012, the firm’s turnover increased 77 per cent from £1.09m to £1.93m.
Cost of sales increased from £136k to £443k, while administrative expenses increased 4 per cent from £1.2m to £1.25m
Across nine appointed representative firms Beaufort has 26 advisers and 12,000 clients, both corporate and private.
The firm’s discretionary investment management arm has £330m assets under management.
Chairman Simon Goldthorpe says: “In the advice industry profit sometimes seems to be a novelty – we are not a consolidator fattening up for sale, we are a commercial enterprise building a business with longevity and sound, financial foundations.
“Our decision not to replicate the tired ‘network’ formula and emulate a structure favoured by other professions, notably accountants and solicitors, has worked well.”