Tavistock has reported a loss of £883,000 for the six months to the end of September after the integration of Financial Group.
The result for the period, announced today, show that the company received total revenues of £15.9m, but recorded a £883,000 loss, of which £134,000 relates to continuing operations.
The company has completed the integration of the Financial Group staff, transferring all advisers and support staff to the Tavistock Financial division, leading to cost savings of around £1m.
The Wealth division of the firm, used by advisers, has grown assets from nothing to £160m in the period, and now has more than 2,000 clients.
The company has also expanded its risk-rated Profile funds, which it runs with BlackRock, Smith & Williamson and other managers.
“We have also taken steps to widen access to our Profiles and these are now available for investment, in whole or in part, on 16 different trading platforms.
“Training and accreditation of Tavistock Financial’s advisers in the use of Tavistock Wealth’s investment service is now well underway, and we look forward to taking on investment mandates for those of their clients for whom they believe the service is appropriate,” says the firm.
The group has £10.3m in assets, with around £4m of that in cash.