Independent consultancy firm Jelf has distanced itself from future IFA acquisitions after returning to growth this year.
The firm delivered operating profits of £3.1m between September 2009 and September 2010 after suffering losses totalling £9.7m in the previous year. Overall debt has also been reduced from £30.7m in 2009 to £7.3m in 2010.
Jelf has previously pursued an aggressive acquisition strategy, buying 30 financial services businesses between 2000 and 2008. However, chief executive Alex Alway says the firm will focus on organic growth this year.
He says: “We’re struggling to see any value in the market at the moment. There are a lot of IFAs up for sale, and we’ve looked at a lot but we can’t see the value. We’ll be looking to aggressively 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. Alway says the company will choose its lead platform later this year.