View more on these topics

Burn-Anderson multi-tie flops but profits soar

Burns-Anderson has posted a 500 per cent increase in profits but says take-up of its new multi-tie proposition has been negligible.

The Bristolnetwork says it made a profit of 325,714 in 2005, up from 52,854 the previous year.

Chief executive Mike Hughes says the company will now begin to concentrate on developing its wrap proposition and improve performance of its funds under management.

It has repaid 167,000 of a 500,000 loan from Norwich Union and says that it is planning to pay off the remaining debt owing to NU by the end of this year.

Hughes says the network has made a profit for the third consecutive year and the individual members are averaging 85,000 turnover. The firm has a total of around 450 appointed representatives.

The company says that although the latest profits are relatively modest, they are encouraging as many networks and national IFAs are struggling in today’s highly regulated environment.

The network set up a multi-tie panel in March in a bid to offer a wider choice to advisers but Hughes says the take-up from IFAs has been negligible, believing that banks and building societies are more likely to multi-tie.

Hughes says: “Burns-Anderson is uniquely positioned to play a part in that turn-round by providing the quality advice that consumers need while making a decent return to justify the skill and experience that are required to deliver such a service.”

Recommended

Service is top priority for NU

Insurer brings in training and development to improve its service standard levels and increase response rates

NU bolsters its pension range with 18 new funds

Norwich Union has added 18 funds to its personal and group pensions. New and existing customers can invest in funds from firms such as Barclays Global Investors, Gartmore, Schroders, Investec and Jupiter. The products include group personal pensions, personal pensions and occu-pational defined-contribution schemes. Head of pensions Iain Oli-ver says: “Adding these funds shows our […]

TUC opposes rise in state pension age

The Trades Union Congress has backed linking the state pension to earnings, compulsory employer contributions and a fairer system for women but is opposed to raising the state pension age.

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment