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Buoyant Bestinvest looks for buys as profits rise by 43%

Bestinvest profits leapt by 43 per cent to £2.59m for the year to the end of May, up from £1.8m the previous year.

Turnover rose by over 20 per cent from £5.31m to £6.61m. The firm says the business figures provides sufficient capital for it to go on the acquisition trail.

Chairman John Spiers says: “The strength of the company&#39s balance sheet is extremely strong and provides us with scope to make acquisitions for cash if suitable opportunities arise.

Spiers says improved investor sentiment following last year&#39s market rebound has helped bolster sales while the group&#39s discretionary investment management service, launched last June, has already built up £170m in funds under management.

He warns that regulatory costs are continuing to spiral, largely as a result of increases in the Financial Services Compensation Scheme fees, while tax disincentives to save will hamper investor confidence. Spiers says: “This is leading to further consolidation in our industry. This is an essential requirement if professional standards are to be raised to an acceptable standard.”


Correspondent&#39s Week

After two weeks&#39 holiday, Monday feels like a return to school. First, check sat-chel – whoops, handbag – for mobile, keys, purse and homework project. Strangely, big boss Tony Hazell is not particularly interested in my essay on what I did on my holidays. Instead, he wistfully gazes at Justin Harper&#39s empty seat (he is […]

Accentuate the positive

I am not a pessimist, 30 years in this business and thousands of happy clients but I find it very hard to find any good news about the financial services industry. This is just a sample of what has been going on: •With-profits companies are not paying reversionary bonuses and are now withdrawing of terminal […]

Poll finds mobile cover a higher priority than income protection

Britons admit to having inadequate protection in case of sickness or loss of income but are unwilling to take advice to rectify the problem, according to a survey by protection provider Bright Grey. The research shows that twice as many people would take out holiday insurance than would take out critical-illness insurance and a third […]

Julian Gibbs

The Greenchip forestry fund has been launched to take advantage of the prevailing low market values of freehold forests. These reflect the depressed state of the UK timber market where prices are only one-third in real terms of those in 1996. These low prices resulted from a combination of factors but in particular the influx […]

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(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.


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