Bumper growth for adviser wrap platform

Ferguson calls for pensions stability following recent change

David FergusonDavid Ferguson, head of advisory firm Nucleus, is hoping that the pensions industry will enter a period of stability following the recent changes that ushered in greater freedoms.

Mr Ferguson made his comments after unveiling robust figures showing record inflows of business in the first quarter of the year.

Speaking to Daily Business, the founder and chief executive of the adviser-built wrap, said the business had benefited from current conditions in the savings and pensions market and by changes that had been brought in.

“We now need a period of stability, the more the better,” he said. He regretted the departure of Steve Webb, the pensions minister who brought in recent changes in the sector and who lost his seat in last week’s General Election.

“It was a big disappointment. He was one of the pensions industry’s heroes,” he said, adding that concerns over the changes – which give retirees and pensioners greater control over the pension pots – were mainly focused on worries that some people would be ripped off in scams.

“Hopefully, the government will ensure the regulatory framework is able to cope with that.”

Edinburgh-based Nucleus unveiled first quarter figures showing gross inflows of £510 million, up 6% on the corresponding period last year, and a 28% rise in turnover to £6.8m. Assets under administration rose by the same percentage to £8.7 billion.

Profit before tax leapt 26% to £564,ooo.

Mr Ferguson said: “Our strong trading results for the first quarter of the year is simply a reflection of the success of our adviser community who share our core purpose of putting the client at the heart of everything we do. As an adviser-built platform, this very positive start to the year is further validation of our collaborative-working business model.

“The past 12 months have been a hugely important period of development for us and now that we’re operating on the latest platform technology and with a broader and more experienced management team than ever before, we remain massively excited about what the future holds for the business.

“Alongside this sound foundation, results just in from our adviser annual census for 2015 reveal confidence about the future of advisers’ own businesses remains extremely high with an overwhelming 100 per cent of our users being ‘confident’ about the future.

“These results give us all the motivation and incentive we need to continue our relentless pursuit to transform this industry and create better outcomes for clients and their advisers.”

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