Lyncombe and Sense networks see revenue and profits jump

Adviser Services Holdings Limited (ASHL), the adviser support service provider has announced a very strong 2021 performance across the group with exceptional income and profit growth.

Today it provides support for 400 Advisers with over £7bn Assets Under Influence.

Revenue from its Sense and Lyncombe networks overall was up 66% to £71m and operating profits after tax were up 224% to £2.4m.

• Sense revenue increased from £37.95m to £47.65m and profits increased from £894k to £1.62m
• Lyncombe network revenue increased from £4.47m to £22.99m and profits increased from £180k to £811k

Rockhold Asset Management, ASHL’s discretionary fund management business now has over £500m AUM and with current inflows will exceed £1bn in 2023

ASHL continues to invest in its business models and has recently partnered with Next Gen to launch an academy with several of its member firms to provide homes for the future generation of financial advisers.

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.

The overall Group is making steady profits monthly and will deliver another strong result this year.

The ASHL business was set up in May 2019 with a clear five-year strategic plan based upon creating a variety of high-quality support propositions for a limited sized group of financial advisers and owners of adviser firms.”