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£14m profit from Succession’s inclusive proposition

£14m profit from Succession’s inclusive proposition

Ongoing support for its platform services helped Succession Advisory Services achieve an operating profit of £1.4m in 2014, Simon Chamberlain, group chief executive, has announced

The platform and consultancy business of Succession Holdings, which also owns the national adviser firm Succession Group revealed that total sales from platform and membership fees were £6.26m, a growth of 24 per cent year-on-year.

“A key factor in the company’s success is that clients of acquired firms are attracted to placing their investments on the Succession’s platform, because Succession Advisory Services is part of the same group as their advisory firm,” Mr Chamberlain said.

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Funds under management saw a growth of 29 per cent, from £0.46bn to £2.05bn, over the course of the past 12 months.

Looking ahead, Mr Chamberlain said the firm was looking into providing discretionary fund management services and mandating funds to chosen providers.

Adviser View

Neil Jacobs, financial adviser at London-based Phillip Masters Financial Advisers, said: “If the interlinking of services keeps costs down for clients and still offers the same level of fund choice then it is a good proposition, only also if providers can retain their independence.

“The biggest sell though is making sure that advisers are confident enough to open their book of client to a potential competitor as they offer financial advice also.”