PTFS posts £1.6m profit
Gross profit for the year stood at £9.8m while the company’s net assets grew 13.7% in 2011 to reach £14.1m with cash reserves of £2.3m. Annual turnover for the year was £56.1m (2010: £59.9m) down just over 6%.
Despite a continued difficult economic climate, adviser numbers and productivity both saw a small increase. Total average productivity per adviser improved 19% with Appointed Representative firm numbers standing at 998 by the end of 2011, up 21 on the previous year.
Registered Individuals numbers reached 1,490.
Max Wright, chief executive officer at PTFS, said: “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.”
During 2011 Personal Touch invested over £0.5m in training, technology and member support ahead of the Retail Distribution Review and Mortgage Market Review.
Wright added: “The past few years have seen considerable investment in new systems and resources to support growing regulatory demands in the run up to implementation of the Retail Distribution Review in January 2013.
“As an example, since our last member price review in 2010 the cost of our FSA authorisation alone has increased from £548,000 to £1,264,000 – an increase of 131%. And in addition to this we have to ensure firms have the necessary tools and support required for the new era with a dedicated in-house training resource; field based training and competency teams and enhanced technology solutions.
“The industry continues to face significant challenges but we hope that by taking action now we will all benefit longer term: despite some difficult decisions having to be made short term, investing in the future is, we believe, a prudent strategy for longer term rewards”.