The advice sector's pre-tax profit fell by more than £50m in 2016, according to the latest annual market report from the Association of Professional Financial Advisers (APFA).
Retained profit more than doubled from £61m to £127m in the advice sector between 2015 and 2016, despite pre-tax profit dropping from £835m to £779m over the same timeframe. APFA warned margins in the sector "remained thin". Turnover increased by 6.5%, continuing the gentle upward trend the sector has seen since 2009, with advisers each taking in £183,474 on average. The trade body uses Financial Conduct Authority data when putting together its annual sector review. APFA director general Chris Hannant (pictured) said: "While turnover has increased in recent years, pre-tax profits have...
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