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Sense Network sees profits triple to hit £260,000

Sense Network’s profits have more than tripled to £259,000 in the year to March 31 from £71,000 in 2009/10.

The network saw turnover increase by 48 per cent to £7.1m from £4.8m.

The firm says it is confident that profit and turnover will rise significantly in the current financial year.

Sense Network paid its first dividend to shareholders this month at 15p per ordinary share. It currently has 41 member firms and a total of 125 advisers.

Sense was set up by Park Row founder Tim Newman in 2007. In 2008, Threesixty bought a 15 per cent stake and members own over 25 per cent of the network.

Chief executive Tim Newman says: “Over 25 per cent of Sense is owned by its members, a figure which will increase further via the network’s equity participation scheme. We derive huge benefit from IFA firms owning part of the network. It creates a completely different dynamic to the them and us scenario seen in many of our competitors.”


Ex-Virgin and Egg chiefs to run letting agency

Shepherd Direct has set up a letting agency, Direct Lettings, to be run by former Virgin Money UK managing director Rob Clifford and former Egg chief executive Paul Gratton. Shepherd Direct, which owns MoneyQuest and Direct Valuations, has appointed ex-Connells corporate services director Paul Staley as managing director. Clifford, who is now managing director of […]


Protection market is ‘gently dying’

CWC Research believes the protection market is “gently dying” and has warned that distribution and processes need to change dramatically if the market is to improve after the RDR. The consultancy firm carried out 100 in-depth interviews with advisers, including 17 chief executives of big IFA firms, to examine their views on how profitable protection […]

First offshore bond for True Potential platform

True Potential has added an offshore bond to its wealth platform and is planning a number of other additions. The first bond to be added will be the Canada Life International Premier Alpha Reserve Account investment product. The costs are £123.80 per quarter admin fee and 0.2 per cent annual charge. There are no further […]

Powerful estate planning tools ignored or forgotten by wealthy Brits

Canada Life IHT Survey 2016 Only a quarter of wealthy Brits have sought professional estate planning advice to ensure their families don’t pay more tax than required More than a quarter don’t even have a will and just one in five have gifted money Many say they do not need these tools but families would […]


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