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PTFS reports 48% drop in pre-tax profits

Max Wright PTFS 480

Personal Touch Financial Services has reported a 48 per cent decline in pre-tax profits in 2011, down from £2.3m in 2010 to £1.2m last year.

The company’s 2011 financial results, published today, show the group’s net assets grew from £12.4m in 2010 to £14.1m in 2011.

Annual turnover was £56.1m, down from £59.9m in 2010.

The company finished the year cash positive with reserves of £2.3m, however this is down from £3.8m in 2010.

PTFS chief executive officer Max Wright (pictured) says: “Since December 2011 we have had to make some brave decisions, such as increasing charges for members for the first time in three years – and it is only as a result of this that we will be able to move forward more rapidly and deliver better results for the future.

“As part of our Vision 2013 strategy, further efficiencies will be made to ensure we have a lean and streamlined business for the new regulatory regime. Our new board is hard at work focusing on ensuring members are given maximum support at a difficult time for many firms and indeed for their clients as economic problems continue to cause hardship”.

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  1. Prediction: (Not only applicable to PTFS but all networks and advisers)
    2013 will read profits down by 50%, admin/regulation costs up 35%
    2014 10th Network gone into administration since RDR start date as advisers businesses close all over the place due to RDR
    2015 FCA states that whils the RDR was an admirable idea it was clearly wrong. But it wasnt my idea so its not my fault that were are down to less than 10000 advisers in the UK. If I had been in charge this would certainly never have come about. Even the Eurpoeans in 2012 removed the commission ban as consumers wouldnt pay fees. Maybe I should have shouted a bit louder.
    2016 Direct sales companies start up again as regulation takes a decision to reinstate commission so the whole UK population can all start to receive advice again as the financial services tries to recocover from its near catestrophic extinction preparation for RDR 2

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