Trading profits at Sesame Bankhall Group fell significantly in 2011 compared with the previous year as the company invested in a series of solutions it hopes will cater for independent and restricted advisers from next year.
The Friends Life owned business reported a trading profit in 2011 of £2.2m, down from £5m the previous year.
It said this was due to a multi-million pound investment in a programme to support advisers ahead of the Retail Distribution Review (RDR) and Mortgage Market Review.
This includes a wealth management joint venture announced last year with Henderson Global Investors called Optimum Investment Management, and a restricted advice service.
"Sesame Bankhall Group will become the home for all types of professional financial advisers, whether they are independent, restricted or a combination of the two," it said in a statement.
"This will enable 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."
Sesame Bankhall's executive chairman is Ivan Martin (pictured).
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