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LEBC director pay increases as profits rise again

Directors at national advice firm LEBC have seen their pay packets rise by 10 per cent this year on the back of increased profits at the firm.

The highest paid director at the IFA saw their remuneration rise by just over £25,000 in 2018, jumping from £394,000 to £420,000, accounts published today show.

Combined, the firm’s directors took home a total of £1.35m, up from £1.22m in 2017.

The overall staff wage bill at the firm increased by 7 per cent to £9m.

Five directors also benefited from £118,400 in company contributions into defined contribution pension schemes, and £61,000 in “amounts paid to related parties in respect of directors’ services”.

Turnover came in at £20.5m and profit at £4.3m, increases of 13 per cent and 43 per cent respectively.

As one of its key risks to its business LEBC notes “the company’s ability to recruit sufficient high calibre advisers to meet anticipated demand for its corporate and individual advice propositions.”

LEBC chief executive Jack McVitie says: “We use technology to enable us to work at scale and plan to plug the so-called ‘advice gap’ without compromising quality…We continue to recruit and train in our academy. We stand by our belief, that this will allow us to deliver on our promise to transform access to top quality financial advice for employers, employees and individuals alike.”

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