LEBC profits top £2m amid focus on ‘bionic’ advice

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National IFA LEBC has posted a pre-tax profit of £2.1m as the company looks to build the business around a hybrid advice and technology model.

For the year to 30 September 2016, profits are up 15 per cent from around £1.8m the previous year.

Staff costs rose slightly from £8.8m to just over £9m thanks to the increasing cost of the company defined contribution pension scheme.

Director pay was broadly flat at £1.1m, with the highest paid director receiving £337,889.

LEBC chief executive Jack McVitie says: “The momentum of strong company performance built on last year’s excellent platform is already evident in our results year to date.

“We continue to invest in information technology to deliver solutions for more clients in the most efficient way, as we engage with clients through technology. “Whilst there is industry wide interest in robo-advice, we believe more in providing “bionic” advice; the use of technology and human interface to deliver appropriate solutions.

“This combination is the only way to sustainably embrace the growing advice demand.”