Park Row, the IFA distribution arm of Royal Liver, lost almost 100 registered advisers and shut down 17 offices after a "challenging" 2007, the firm's results reveal.
Royal Liver, which acquired Park Row in 2003, says regulatory reviews including the FSA’s RDR and the “ever increasing” cost of compliance contributed to its decision to reduce Park Row’s regional locations from 24 to seven. While Royal Liver says this move was to provide an “emphasis on business quality”, the number of registered advisers also fell from 372 to 279. It adds this, in turn, led to a reduction in turnover from commission income “although average productivity per adviser was able to be sustained and in some cases improved”. Operating losses at Park Row increased by 38%, from...
To continue reading this article...
Join Professional Adviser for free
- 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