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, down 6% from 2010.
The network said that despite a difficult year, 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 1490.
Max Wright (pictured), chief executive officer, 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”.
