Profits down at Standard Life's advice arm

Profits down at Standard Life's advice arm

Pearson Jones’s profits fell by 65 per cent in 2015, according to the company’s accounts.

The company, which was bought by Standard Life last year and now trades at 1825, posted an operating profit of £392,000.

This compares with £1.1m for 2014 while revenue fell from £10.8m to £9.1m.

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In its accounts the company said: “Operating profit decreased by 65 per cent from £1.1m to £392,000, this was due to the reduction in turnover for financial planning and employee benefits, along with the additional costs of setting up and implementing the new 1825 financial planning proposition.”

The accounts also show that Skipton Building Society made a payment of more than £591,000 to seven members of the firm’s key management personnel in relation to its sale to Standard Life.

Standard Life bought Pearson Jones in July 2015 and rebranded it as 1825.

It has since bought Baigrie Davies, Munro Partnership and Jones Sheridan, with an aspiration of reaching 150 advisers, which chief executive Steve Murray said would give the company national coverage.

Earlier this week a deal to buy Norwich-based Almary Green fell through after both companies "mutually agreed" to end the discussions, though neither side has commented why.