Nucleus and James Hay recorded a £22.9mn loss after tax last year, following a 95 per cent fall in inflows.
The combined platform group said the “primary reason” for the loss was down to the disposal of advice firm Saunderson House, which propped up the group’s profits by £20mn in 2020 through its advice fee revenue.
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“Conversely, businesses that are able to continue to use profits to invest – during good times and bad - in the areas that advisers and planners say are important, will find it easier to attract and retain customers as they will be seen as reliable long-term partners,” said Kovach.
ruby.hinchliffe@ft.com
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