Success For Curtis Banks Business Plan - Update
For regular followers you will know that we like to keep you abreast of our progress as a provider and it's that time of year again. As you may know we started trading in July 2009 and thankfully our business plan has remained on course as Scheme numbers have grown to in excess of 4000 in two and a half years, with terms of business now in place with over 400 introducers.
When we launched our SIPP and SSAS products, unlike many competitors we did not have the burden of legacy issues when it came to our administrative infrastructure. This has been key in delivering SIPP and SSAS solutions for financial planners in terms of service levels, online functionality, and cost and with feedback we continue to develop our systems in line with a changing market.
A Ying to the above Yang was a perceived negative in the early days regarding our size which we can now gladly put to bed being comfortably in the Top 10 of full SIPP and SSAS providers. Another negative which still pops up occasionally is that we are seen as loss making, on the back of accounts for our first trading period in 2010 when a loss was inevitable (fixed overheads minus low initial client numbers equals initial loss, no surprises there). Well; our second trading period has now ended and we are happy to confirm that for 2011 we are looking at a profit of a few hundred thousand pounds.
The number itself is not important, rather the move from red to black which is all part of our business plan, with 2012 expected to be a bigger move into the black. We remain self owned at board level and we feel it important to point out that any debt is internal rather than being beholden to a lender in the current climate. Looking forward with the challenges the SIPP market currently faces with regulatory pressure and capital adequacy we are well placed to explore potential acquisitions as all signs indicate that the market must contract.
In the meantime organic growth remains vital to our success and at the core of this is maintaining the service levels which underpin our products which we have supported through continuous investment in training, technology and recruitment.
We appreciate the support of the established network of financial planners and look forward to developing new relationships with those suffering poor service levels still prevalent elsewhere in the SIPP market.