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Lighthouse loss caused by delays

Lighthouse Group made a loss of £1.1m in the first half of this year, blaming the loss in part on delays in retraining new recruits from direct salesforces.

But the wealth management group, which floated on Aim in October 2000, maintains it is on target to break even by the end of the year.

Lighthouse has 46 practices and 122 RIs but only 50 advisers were trading through the first half of 2001. It now says it expects to easily achieve its target of signing up 50 practices by the end of 2001.

It claims its latest figures show an average annualised income of £200,000 a year for its practice principals. Group finance director Levin Lawrence says: “Delays have cost us about £500,000 but it is just a timing issue. We are taking the cream out of direct salesforces but there is a lot of retraining.”

Marshall Williams & Co managing director Ian Williams says: “I think the results show they have found the wealth management market a hard nut to crack.”

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