Lighthouse network profits soar on adviser average sale jump

Lighthouse Advisory Services (LAS), the network division of the Lighthouse Group, more than doubled its profits in 2010, driven by a 15% increase in average adviser sales.

LAS reported pre-tax profit to 31 December 2010 of £971,686, dwarfing the £418,198 it cleared in 2009.

An increase in average adviser revenues helped drive the network's 132% surge in profits.

Average revenue per adviser rose by £8,675 to £68,075 in 2010, a jump of 15%.

The number of IFAs using the network also increased slightly during the period to 459, up from 443 for the previous 12 months.

For the second consecutive year, turnover rose predominantly from advisers writing investment business. Volumes increased seven percentage points to contribute 51% of the period's total sales.

The second biggest contributor was pension business, with turnover of 24%, 4% down on 2009.

LAS, formerly Lighthouse Xpress, forms one of the three divisions which emerged after the Lighthouse Group restructured itself in October 2010, and sits alongside Lighthouse Financial Advice and Lighthouse Specialist Services.