NUCLEUS, the Edinburgh-based financial adviser platform, has moved into profit on the back of adviser success following industry reforms, writes Simon Bain.
The group increased assets under administration by 37% to £6.2billion last year, while pre-tax profit raced from £100,000 to £1.7m. Gross inflows on to the platform rose 26% to £1.7bn and turnover was up 38% to £18.8m.
The business now looks after the clients of over 500 advisory firms, adding 65 during 2013, representing a total 1600 financial advisers in the UK.
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The business also responded to a profit squeeze across the platform market by reducing charges for larger portfolios.