Independent advice firm Saunderson House has reported profits up 6 per cent to a little more than £4m for the 12 months post-Retail Distribution Review implementation to 31 December 2013, up from £3.8m the year before.
The IFG Group-owned firm’s 2013 annual report showed revenues had increased by 12 per cent to £20.7m.
According to the document, “significant further growth opportunities” have been identified by directors in the post-RDR regulatory and market environment for the firm, which charges clients by the hour for services.
Expenses of £16.6m were dominated by £10.7m spent on wages, with the report stating that the company “is focused on the developments of all staff, ensuring that we have growing numbers of highly skilled and effective people able to serve clients to the highest possible standards.”
Official statements also noted that the firm’s reputation is of great importance and therefore, “the directors continually monitor the material risks the company faces to assess the potential business impact and required responses.”
According to results published by Irish parent IFG Group, Saunderson House’s sister Sipp provider James Hay Partnership saw profit decline from £3.4m to £2.5m for the first six months of 2014, despite an increase in sales and a decline in attrition within its book.
