Contract win for Lighthouse Group

LIGHTHOUSE Group, the network of IFAs, said today it had won a three year contract with managers’ and professionals’ trade union Prospect.
By The Newsroom
Published 4th Apr 2011, 09:30 BST

The Aim-listed group, which has a significant operation in Leeds with 250 advisers, said it will be the exclusive provider of financial advice to Prospect’s members.

The union has more than 121,000 members in sectors including agriculture, defence, energy, environment, telecoms and transport.

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Paul Harris, managing director of Lighthouse Financial Advice, said: “The agreement with Prospect is another in a series of contract wins with affinity groups, and we look forward to providing a high level of advice for Prospect’s many members.”

Last month Lighthouse reported growth for 2010 despite challenging times for the financial advice market. The sector has been hit by the broader economic turmoil as it prepares for major regulatory changes through the Government’s retail distribution review.

Lighthouse increased revenues by four per cent, to £63.1m, while pre-tax profit rose by 38 per cent, to £129,000. Recurring revenues increased by seven per cent, to £17.6m, and now comprise 28 per cent of overall revenues.

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