Personal Touch, the privately owned restricted network, has shed a fifth of its appointed representatives after a fee model shake-up and has reported a 66% fall in pre-tax profits.
Pre-tax profits fell to £0.4m for last year, down from £1.2m in 2011. Annual turnover for the year grew 15.7% to £64.9m, compared to a fall the previous year of 6.3%, with turnover in 2011 at £56.1m. Personal Touch's parent company, Personal Touch Holdings, reported a loss before tax of £3.3m, compared to a loss of £3.9m in 2011. During 2012 the Personal Touch directors undertook a review of the company's strategy and fee model, which they said has resulted in a number of the network's less profitable firms leaving. The company had 576 appointed representatives at the end of 201...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
