Jelf Group IFA arm makes small loss; cuts adviser numbers

The business, which accounts for 10% of the group's total revenues, lost £13,000 in the period on an EBITDA basis, compared with a £100,000 profit in the corresponding period last year. Revenues were also lower at £3.5m compared with £3.9m in 2011, although Jelf said the underlying recurring income had improved. It added the numbers were not unexpected as the company undergoes "considerable change" ahead of the RDR, which comes into force on 1 January next year. It said management had reduced the number of advisers as it re-positions the advice it provides to clients. Jelf Group...