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 co...
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