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Falcon spreads its wings after 43% profit rise

Bristol-based IFA Falcon Group increased profits by 43 per cent to £341,000 in 2001 from £238,000 the previous year and boosted turnover by 55 per cent to £6.85m from £4.42m.

The IFA firm increased the number of its RIs by 40 to over 100, advising on assets of over £500m held by more than 50,000 individual and corporate clients.

Falcon plans to float on the Alternative Investment Market later this year if market conditions are favourable, with a view to raising further cash for expansion.

Chairman and chief executive Allan Rosengren says an Aim listing will have to wait until the outcome of the FSA&#39s polarisation reforms has been made clearer but he believes the reforms will lead to a drastic reduction in the number of IFA firms, presenting an opportunity for bigger firms with strong brands.

Rosengren says: “We believe the most likely effect of CP121 will be that consolidation in the sector will increase, enhancing the potential we have for forming additional relationships with other dynamic IFA businesses keen to create and access value. I estimate that the current 10,000 firms will be reduced to a few hundred and in the long term down to only a few dozen.

“Our strategy for continued significant growth is founded on a unique approach to building worthwhile relationships among equals.”

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