SBG double trading profits
The figures were released today as part of the Friends Life’s annual results.
George Higginson, Sesame Bankhall’s chief executive officer, said: “As part of our long-term vision and commitment to professional financial advice we have invested millions of pounds in the business.
“This has enabled SBG to evolve into a broadly-based financial services group, offering advisers greater choice and value than ever before.
“In challenging market conditions and in the run-up to the implementation of the FSA’s Retail Distribution Review (RDR), our adviser support and new enhanced range of services helped to strengthen SBG’s market leading position.
“Sesame’s adviser productivity increased by an average of 14% and the network ended 2012 with more advisers than at the beginning of the year, which is a significant achievement in the current climate.”
SBG also released details of its progress so far in 2013.
SBG said there January saw a further 69 adviser authorisations in the Sesame Network and received over 200 applications to join.
It confirmed that its new General Insurance portal has been well received with over 2,000 advisers now registered for the new service.
The response to SBG’s new practice management system has also been very positive with 170 firms representing 730 advisers signing up for the new system at the launch events in January.
In addition SBG will be working in 2013 to ensure that the group and its advisers are well placed to meet the requirements of the FSA’s Mortgage Market Review ahead of its implementation in 2014.
Commenting on the future outlook Higginson said: “SBG’s successful performance in 2012 has continued into 2013, with our new broader range of propositions leading to further growth in adviser recruitment, revenue and assets.
“SBG can offer a home for all types of professional financial advisers, whether they are independent, restricted or a combination of the two.
“This is enabling SBG to consolidate its position as the UK’s largest distributor of financial advice through directly regulated intermediaries and appointed representatives, across life, pensions, investments and mortgages.”