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Financial planners predict housing recovery
A fast-growing financial planning firm yesterday predicted that the housing market will start to recover in the spring, as it posted a rise in full year turnover.
Leeds-based Lawrence Scoffield published its December year-end figures, which showed that turnover rose by 15 per cent to 2.3m.
The company said it had stayed in profit despite the recession and the distraction of a management buy-out in March.
Lawrence Scoffield is also about to add four staff to its 17 strong team – a financial adviser, general insurance adviser and two administrators.
Neil Moles, the joint managing director, said: "We've seen steady growth in all areas and have a strong pipeline of new business enquiries. An opportunity next year will be in the corporate market with company restructuring, mergers and acquisitions which will develop our corporate pension business.
"Many companies are also looking to set up new group pension schemes to ensure they retain their best employees."
Mr Moles expects the property market to pick up in the spring after a turbulent period which has seen large numbers of redundancies among housebuilders and estate agents.
He added: "This doesn't mean house prices will rise, but cash buyers are already moving into the market attracted by the rental yields now available."
The financial crisis started in the US housing market, and, according to Mr Moles, this is where the green shoots of recovery have appeared.
He added: "In the United States, people are now rushing to buy again, because interest rates are so low. There are small signs that credit is easing and if this continues the market will start moving again and we'll see demand for mortgages increasing over here."
Mr Moles believes that personal investment will continue to be strong: "Clients have never needed as much advice as now. The market has affected everyone from the cautious depositor to the high risk investor, but particularly those who rely on savings to live on. They need alternative ways to maintain their lifestyle which needs very active portfolio management to achieve that."
He said the diversification of assets has more impact on the overall return than the performance of an individual fund manager or sector.
He added: "There are a lot of opportunities in the current market. Of course it's challenging, but we are confident about our future."
Mr Moles was part of the four-strong management team that bought Lawrence Scoffield in a multi-million pound deal in March 2008.
The management team acquired the business from the founders – Paul Lawrence and Dominic Scoffield – who are still involved in the business.
Two-thirds of the turnover comes from financial and tax planning – for both individuals and corporates – while the rest is derived from insurance, ranging from professional indemnity to homes and yachts.
Buyout team aims to grow
Leeds-based financial planning and insurance business Lawrence Scoffield was bought by a four-strong management team – Neil Moles, Sean Narey, Steve Thompson and Andrew Fraser – in March 2008 for a price which is believed to be in the region of 4m to 6m. The business was founded in Leeds 28 years ago.
The firm provides clients with a pension fund that conforms to sharia law. It expects to increase its turnover fivefold over the next five years. It aims to have around 50 staff by 2013. Turnover is expected to reach 10m over the next five years.
Its services include financial planning for individuals, with advice being offered about pensions, investments, mortgages, protection, tax planning and trusts.
General insurance advice is also provided covering areas such as home, motor and private medical.
For companies, Lawrence Scoffield provides help with group pension schemes, tax planning, director and shareholder protection.
Its corporate general insurance services include public liability, professional indemnity and property.
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Thursday 24 May 2012
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