Many IFA firms were already losing money for at least a year before the market downturn, which can no longer be used as an excuse for poor performance, according to a new report.
The study, which analysed 1000 firms in the IFA sector, found as many as one in four is losing money, according to Plimsoll Industry Analysis. However, it also suggests that out of those 290 loss-making companies, nearly a quarter were in the red for at least a year before the downturn. The study acknowledges some companies are making a loss for the first time in their history, but its authors say market conditions are a flimsy excuse for a band of serial loss makers that are prevalent in the market. Plimsoll's David Pattison comments: "A total of 83 companies are making a loss for...
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