Ian Darby, chief executive of Towergate Financial, confirmed the brokerage’s profitability and added that John Charcol will expand over the next year, recruiting 20 additional brokers to supplement the current 70.
Darby revealed that, prior to it being taken over, John Charcol had costs which were equal to a business three times its actual size.
Darby said: “Towergate Financial can reduce John Charcol’s overheads and provide it with IT, HR and finance support, along with a good customer base from which it can cross sell.”
He also said that Towergate is in acquisition talks with four more firms, which it expects to make an announcement about in the coming weeks.
In addition, Towergate Financial has launched a Transitional Toolkit featuring a range of tools to help IFA firms switch to a recurring fee model as part of the FSA’s RDR requirements.
