Friday, 26 June 2020 11:16
Chase de Vere reports near £2.5m rise in profit
National IFA firm Chase de Vere has reported increased turnover and higher pre-tax profit for the year ending 31 December 2019.
The company said pre-tax profit of £13.08m (£10.62 million in 2018) underlined six consecutive years of profitability.
Turnover rose from £68.48m to £72.49m.
Despite the strong figures the company said that the Coronavirus outbreak had “overshadowed” the business so far 2020 and financial forecasts for the rest of the year have been revised.
All Chase de Vere employees have been working from home during the pandemic and no staff have been furloughed.
The company says it has focused on client service during lockdown with positive customer satisfaction survey results.
Stephen Kavanagh, chief executive of Chase de Vere, said: “2019 was another great year of progress for Chase de Vere. We have increased profits, developed and formed new affinity relationships, particularly related to the Medical and Dental professions, and have improved the satisfaction scores from our clients.
“I am particularly pleased with the contribution made by the employees who joined us from Medical Money Management, which we acquired in October 2017, and am delighted that we acquired Ferguson Oliver, an Independent Financial Advice firm based in Angus, in October 2019. We are actively looking for other like-minded adviser firms to join us; firms that are focused on providing exceptional client service and are committed to offering truly independent financial advice.
“The Coronavirus has overshadowed businesses in 2020 and we have revised our forecasts accordingly. During this time our sole focus has been on the welfare of our employees and speaking with our clients. Our financial strength, and our supportive parent company, means that we remain in good shape and we have, for example, not furloughed any of our employees. I am incredibly proud of how well our employees have adapted to remote working and how they have continued to provide an exceptional service to our clients throughout these challenging times.”
Chase de Vere has 16 offices around the UK. In July 2018, the company launched Chase de Vere Medical, a service focused on providing independent financial advice to the medical profession.
Earlier this year the firm criticised newspaper reports that it has over-incentivised its advisers to boost sales. According to the Times, a recent awards ceremony in Manchester saw trophies presented to top selling advisers who were also rewarded with holidays to the South of France for being top fee earners.
The newspaper alleged that while basic salaries at Chase de Vere were as low as £18,000 per annum, top advisers can make as much as £670,000. However Chase de Vere says the story has “misrepresented” the company and how it operates.
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