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Jelf posts £4m profit as financial planning assets rise 12%

Financial services firm Jelf has posted a 5 per cent increase in pre-tax profits for 2013 of £4.11m, as assets under advice at its financial planning arm grew by 12 per cent over the same period.

In its annual results to 30 September, published today, Jelf reported total revenues of £76.2m, up 4 per cent from £73m last year. Jelf made a pre-tax profit of £3.906m in 2012. 

Profits on EBITDAE basis, before tax and other exceptional items, rose 11 per cent from £11.3m to £12.5m.

Jelf’s financial planning arm saw its assets under management grow 12 per cent from £490m last year to £547m in 2013.

Fnancial planning revenues remained static at £7.1, but earnings before interest, tax, depreciation, amortization and exceptional items grew 22.4 per cent to £360,000 from £294,000 last year.

The firm says its IFA productivity increased by 30 per cent to £273,000 money handled per adviser.

Jelf says it has another £500m of assets under advice to transfer for clients invested in old legacy systems.

Financial planning is one of three Jelf business divisions as well as insurance and employee benefits.

Jelf made a number of acquisitions through the year including The Insurance Partnership in June and Later Life in October.

Jelf group chief executive Alex Alway ruled out further IFA acquisitions next year and said the firm will focus on boosting IFA productivity by another 30 per cent.

He says: “We might make similar acquisitions to Later Life that improves the overall proposition. Buying Later Life fits into our overall strategy.

“Jelf has an enormous client bank of owner-managed businesses and mid-market businesses and we see a real opportunity to sell services into that client bank such as retirement counselling or executive counselling.

“We do not necessarily think we need to increase our adviser numbers because we think we can increase productivity. That is the big push for us.”

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