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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.”


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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


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