Independent consultancy firm Jelf has distanced itself from future IFA acquisitions after returning to growth this year, saying the market lacks value.
The firm delivered profits of £3.1m between September 2009 and September 2010 after losses of £9.7m in the previous year. Overall debt has also been reduced from £30.7m to £7.3m.
Jelf previously pursued an aggressive acquisition strategy, buying 30 financial services businesses between 2000 and 2008. Chief executive Alex Alway says the firm will focus on organic growth this year.
He says: “There are a lot of IFAs up for sale and we have looked at a lot but we cannot see the value. We will be looking to expand the business through organic sales and recruitment.”
Jelf’s financial planning business
also saw an increase in funds under advice from £242m to £450m between September 2009 and September 2010.
Jelf Financial Planning this week appointed former AWD Chase de Vere head of business development Martyn Laverick as managing director. He will choose the firm’s lead platform later this year.