Lighthouse has crept into profit for the first time.The group posted a pro- fit before amortisation of 71,000 in the six months to June 30 compared with a loss of 992,000 last year. Losses before tax were cut to 131,000, from 1,440,000 in 2004 as the group had significant tax losses brought forward. Turnover increased by 17 per cent to 15.1m as a result of increasing turnover per adviser. Mortgage business was also up by 55 per cent following M-Day and costs were down by 12 per cent. Chief executive Malcolm Streatfield attributes the turnround in performance to improved investment conditions and the absence of misselling scandals which have put off investors. He believes that the media focus on the savings gap has played its part in persuading people to invest. Streatfield says the roll-out of the group’s electronic trading platform, Xpress, is key to increasing the productivity of advisers. Implementation started in January and Streatfield says the group is already noticing an increase in volumes of business submitted electronically. He says: “All the historical examples of misselling are coming to an end and depolarisation had virtually no impact on us. There are also no regulatory changes on the horizon to hamper us in the coming year.” Lighthouse is to rebrand its divisions from November 1 to increase the profile of the brand. Lighthouse Temple will be the new name for the group’s biggest national division, its wealth management division will be branded LighthouseWealth, Lighthouse- Xpress will be the name of its network and LighthouseCorporate will describe the group’s corporate joint venture.
Assureweb has appointed ex- Woolwich managing director John Little as non-executive chairman.
Should people be making additional voluntary contributions after the start of the simplified pension tax regime on April 6, 2006? There are some interesting and important issues to consider.
Bestinvest’s profits have leapt by 39 per cent to 3.6m this year and the firm says it plans to remain independent without investment from product providers. Turnover rose sharply by 53 per cent from 6.6m to 10.1m, in part boosted by Bestinvest’s acquisition of SMA group last November. The SMA companies were incorporated for only […]
Financial Services Advice & Support is the latest network to join IFA Consortium, the network alliance formed in June by Falcon, Financial Synergies and pi Financial. Dunfermline-based FSAS was established in 2001 and has 50 appointed representative firms in Scotland and across the UK but is the only adviser network with its head office north […]
Royal London is pleased to support the petition calling for a ban on cold-calling for pension and investment products. The petition, launched by IFA Darren Cooke of Red Circle Financial Planning and hosted on the Parliamentary website, calls on the Government to ban cold-calling for pensions and investment products. A similar ban is already in force […]
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JLM Mortgage Services has launched the first stage of its new ‘robo advice’ service. The mortgage and protection network claims it is the first network to launch such a tool to its members. The Virtual Adviser will allow member brokers to offer an online service to residential and buy-to-let customers. This service will offer an […]
Providers should listen closer to advisers and consumers when deciding what initiatives will work
Continuing this series looking at how firms make their investment decisions, we speak to Tenet Group technical services and research manager Joanne Rigby