View more on these topics

Pension freedoms drive LEBC profit surge


LEBC has seen pre-tax profits climb 64 per cent for the year ending 30 September 2015 as the introduction of pension freedom boosted revenues.

The advice firm recorded a pre-tax profit of £1.8m, up from last year’s equivalent of £1.1m.

Turnover increased 21 per cent, from £12.4m to £15m, while cost of sales also rose 19 per cent, from £4.2m to £5m.

Increased costs included a rising bill for staff, which jumped 21 per cent from £7.3m to £8.8m, mostly driven by growing wages and salaries.

This was particularly true at the top of the business, with remuneration for directors climbing 23 per cent from £801,684 to £983,920.

LEBC’s highest paid director for the year took home £342,836, up 49 per cent from £230,189 last year.

LEBC chief executive Jack McVitie says the firm has benefited from increased efficiency and growing desire for its services in the aftermath of pensions freedom.

He says: “We now have 15 offices spread evenly across the UK and each one has enjoyed a very good year. We have maintained a proactive recruitment programme for qualified and part qualified advisers, and paraplanners along with the introduction of a graduate scheme.

“These programmes will remain in place during 2016 so we will continue to attract the necessary talent to ensure that we are meeting the demands of our growing client base, the business and ever changing sector.

“This time last year, I stated that our aim was to transform the access to top quality advice for employers, employees and individuals; and in doing so we would be in a position to develop our business and plan for the next 10 years of growth. We could not have wished for a better start.”



LEBC appoints two new directors

National advice firm LEBC has recruited two non-executive directors to sit on the company’s board. Jon Newman, who is currently group director of finance at BP Marsh, and Bacardi global marketing finance director Dermid Strain have been appointed to the LEBC board with immediate effect. Both appointments have been approved by the FCA. LEBC chief […]


LEBC hires chief operating officer

National IFA and employee benefits firm LEBC Group has appointed Jeremy MacLeod as chief operating officer. In the newly created role, MacLeod will oversee sales, marketing, operations and IT. He has been with LEBC since 2000 in a variety of roles, most recently as national sales manager. LEBC chief executive Jack McVitie says: “As our business continues […]


LEBC sells 12 per cent stake in £1m deal

Private equity firm BP Marsh and Partners has taken an additional 12 per cent stake in national IFA firm LEBC for £1m.  It sees BP Marsh’s overall shareholding in LEBC increase by 12 per cent from around 23 per cent to just under 35 per cent. The stake was acquired from a former LEBC employee […]

Converting pension savings to a retirement income…

Since last year’s reforms to pension legislation, a significant number of retirees have chosen income drawdown over purchasing an annuity. Income drawdown is more flexible than an annuity. However, it also increases the likelihood that individuals won’t be able to maintain their income throughout their lifetime. In this short video, we explain the risks that […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm