Firm benefiting from strategy
Nucleus doubles profits as targeting pays off
The 105% uplift in profit was on the back of a 5% rise in gross inflows to £1 billion. Total assets under administration were up 22% to £8.8bn. Turnover also rose by 33% to £15m and operating profits by 140% to £2.4m.
The platform now has 400 advice firm users.
David Ferguson, chief executive, said the targeting service-based advisers rather than the pensions reforms was paying off for the Edinburgh-based firm.
“If you look at the growth trajectory of platforms like us, Transact, Standard Life and Aviva, there is an underlying consistency there which isn’t about one event which happened in April this year,” he said.
“Those that are saying the pension reforms are the only reason for their success possibly have a more transactional audience which might not have the same success in future.
“It is about the ongoing change from transaction-based advice to service-based advice and who is built to support that.”