2plan Wealth Management post first profit

Chief executive Chris Smallwood said early preparation for the RDR had put the firm in a strong position for the year ahead.

Mr Smallwood co-founded the firm, which now has 300 members, with Chris Davies in 2007.

He said: “Our strategy from the start was to work with our advisers to charge clients a fair upfront fee for work completed and then focus on an ongoing service proposition.”

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Keeping on top of overheads and investing in technology, particularly “bespoke” software, had also improved the firm’s financial performance, Mr Smallwood added.

The firm reported a record turnover of £1.87m in May, rising from the previous high of £1.73m for April. Turnover for 2013 so far is up 40 per cent from the same period last year. In total, turnover stood at £15m in 2012 compared to £11.5m in 2011.

2plan was acquired by Openwork in 2010 following a mixed set of financial results the previous year. Despite increasing turnover, it had posted a £1.9m loss in 2009.


There have been few large-scale mergers in the past few years in the financial advisory sector, but last month Positive Solutions was sold by Aegon UK to national advisory network Intrinsic, subject to regulatory approval. Aegon-owned Origen and PosSol made a combined loss of £6m in 2011 and £5m in 2010.