Revenue at the Sense and Lyncombe adviser networks, part of Adviser Services Holdings Limited (ASHL), jumped by 66% to £71m in 2021.

Operating profits after tax rose 224% to £2.4m.

Revenue for the Sense network increased to £47.65m (2020: £37.95m) with profits rising to £1.62m (2020: £894,000).

The Lyncombe network saw revenue rise to £22.99m (2020: £4.47m), with profits increasing to £811,000 (2020: £180,000).

ASHL’s discretionary management business Rockhold Asset Management saw assets under management rise to £500m, with inflows expected to exceed £1bn in 2023.

The firm’s discretionary management business arm was launched in August 2021, with the acquisition of iFunds Asset Management.

Michael Couzens, CEO of ASHL, said: “We are delighted to announce such strong results. This is the result of a longer-term plan including the integration of the back offices of the networks, a substantial increase in investment in high quality staff and raising the bar on quality, including being willing to lose firms that could not or would not meet our standards. Our approach has been focussed on better not just bigger.

“Our group costs included transitioning advisers, supporting the consolidation of processes across the piece, and establishing a DFM, Rockhold Asset Management, and an excellent restricted proposition to sit alongside our IFA proposition.”

Adviser support services provider ASHL recently partnered with young adviser group Next Gen to launch an adviser academy for its future advisers.

ASHL acquired the Sense and Lyncombe networks in 2020 with 280 advisers combined. At the end of 2020 ASHL also facilitated the transition of 60 advisers from Network Direct.

ASHL now provides support for 400 advisers with over £7bn in assets under influence.

The adviser support service provider was started in May 2019 by CEO Michael Couzens and managing director Andy Ferns.

Mr Ferns previously led distribution networks at Zurich Openwork.  He was a founding director of Caerus before selling the network in 2017.