The Association of Independent Financial Advisers (AIFA) posted a deficit approaching £200,000 in the 12 months to 30 June 2011, despite putting cost cutting measures in place.
The organisation recorded an operating deficit of £194,419 in 2010/11, compared to the £14,919 surplus it posted in 2009/10. Its turnover was down from £1.9m to £1.6m, with income from subscriptions down from £1.4m to £1.2m. However, it did manage to slightly slim down its expenses, from £1.84m to £1.82m, with marketing and distribution being the main area of savings. Stephen Gay, managing director of AIFA, said: "We have had a challenging year as the changes in the market increase the demand for representation whilst the strain on the advisory community serves to test our own econ...
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
