Saunderson House chief executive steps down

Advisory firm Saunderson House has confirmed that Nick Fletcher has stepped down as chief executive and will be replaced by interim managing director Tony Overy.

A spokesperson for the firm said: “Saunderson House can confirm that Tony Overy is acting as the company’s interim managing director following Nick Fletcher’s recent departure from the business.

“Tony has been with the company for 22 years and has served on the board of directors for 15 years. He was part of the team that pioneered the hourly-rate charging model which has seen the firm grow its client base by five fold in a little over a decade.”

On 18 November, IFG Group, the parent group of Saunderson House, said in its interim statement that Saunderson House continues to deliver an “impressive performance”, with revenue and operating profit ahead of the equivalent prior period.

The statement, posted on the London Stock Exchange, said: “New client wins year to date have exceeded the 100 new clients gained in full year 2010.

“As a pure fee-based adviser the business generates revenue on a time-charge basis with targeted recovery rates of billable hours of greater than 80 per cent. This has been achieved year to date.

“Saunderson House’s proposition of conflict-free transparent financial advice resonates well with its target market and is well-placed given the introduction of the Retail Distribution Review in 2013.”