Charles Stanley's financial planning arm makes £5.1m loss

The firm's financial planning arm's revenue grew by £1.5m to £8.7m in 2019/2020 but that did not prevent its loss increasing by £1.7m to £5.1m over the same period. Charles Stanley CEO, Paul Abberley, attributed this to recently hiring financial planners that had not yet reached "equilibrium", a process which can take "up to two years", he said, as they develop a full book of clients. Charles Stanley as a whole posted growth in profit before tax of 57% in the year to 31 March 2020, despite the funds under management and administration (FUMA) falling 16% to £20.2bn as a result of the c...