CHAIRMAN'S STATEMENT & DIRECTORS REPORT
Division by Division
Again, all five operating divisions of the company performed well with various significant events which I can
report on as follows:
UK Financial Planning Division
Despite the constraints on our adviser’s time due to studying for and sitting for the new academic
qualifications, it was particularly encouraging to see turnover in this Division increase, albeit by a modest 3%.
Adviser numbers remained consistent, with the reduction of one partner in the Chester branch and the
augmentation of one adviser in the Leeds branch. We also acquired a small IFA practice related to the
recruitment of the additional adviser in Leeds and that adviser’s clients, together with the small acquisition
brought in a further £6million of client funds under management.
Expat & Emigration Division
This Division had a number of significant events during the year in question with the following highlights:
The granting of our regulatory licence in South Africa and the signing of contracts with Pierre Cloete to
manage Alexander Beard (South Africa) Pty Ltd. This business should effectively start trading sometime
by the end of the second quarter in the 2012/13 trading year.
We reached agreement with Rogers Group Financial in Vancouver to represent Alexander Beard Group
for its emigration focused pension transfer business and we hope that this will lead to a joint venture in
the future. Regulatory and the attendant financial costs in Canada have deterred from launching a full
joint venture on day one but this is still the desired long term outcome.
During October 2012 we launched AMVE$T, a dollar denominated Self Invested Personal Pension plan
aimed at British people living in the United States who have left pension funds back in the UK. At the
trading year-end we had pipeline business in excess of £1million. AMVE$T promises to be a very
attractive new product for the Group, constrained only in the short term by the continued weakness of
the GB£ against the US Dollar.
At the beginning of November 2012 we recruited Philip Teague to head this business and he has made
a tremendous start in his new role; we have already seen an increase in pension transfer business to
Australia and New Zealand
The introduction of our new SIPP Collection account which substantially improves turnaround times for
consolidation and remittance of funds benefiting both client and company.
As our charities business was moved out of this Division (see below) during the year in question a straight
forward comparison of turnover is not appropriate but excluding the charity business the group grew the
underlying expat and emigration focused revenue by 8%.
(continued)
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