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Lighthouse sees benefits from shrinking public sector

Lighthouse chief executive Malcolm Streatfield says the network’s relationships with trade unions has seen it benefit in the wake of public sector cuts.

The firm has around 20 ‘affinity’ relationships in which it runs seminars for union members.

Speaking to Money Marketing, Streatfield says public sector redundancies mean many of those members have become advice clients.

He says: “Our affinity relationships are very proactive with us in terms of calling in our assistance to guide their members through life changing events. Regrettably the life changing event for a lot of the people today is redundancy. 

“The pubic sector is shrinking quite rapidly and the people affected by that need proper guidance on how to structure their financial futures going forward because they will inevitably end up getting re-employed in the private sector where the benefits they have hitherto enjoyed are less apparent.

“That has been a very positive development and meant we have had to restructure our Lighthouse Financial Adviser operations with a new call centre and new support centre.”

Lighthouse announced in November that it would be closing its Exeter office as part of a restructure, with back office operations moving to Stockport and Woodingdean. 

Streatfield admits volumes have been hit as a consequence of the RDR but says those advisers that remain are now seeing revenues improve.

He adds: “We are now seeing a reclaiming of the turnover equation based on a smaller number of advisers actually performing at a better level.”

Money Marketing TV is speaking to a number of distribution chiefs to get their views on where we are one year on from the introduction of the RDR. Go to www.moneymarketing.co.uk to see the Malcolm Streatfield video interview in full.

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