Financial adviser and asset manager Frenkel Topping’s unaudited trading performance in the year to 31 October has been ahead of the same period in 2016, in line with expectations with the result for the year expected to be more than double the same period last year, according to the firm.
Though Frenkel Topping has not released specific financial information for the period following 30 June 2017, at that point in time the firm had revenue and other operating income of £3.9 million compared to £2.9 million for the same period of 2016. Meanwhile, pre-tax profit stood at £1 million compared to £0.3 million in 2016.
Frenkel Topping, which specialises in serving "vulnerable clients", noted in latest update that the performance being in line with expectations is “particularly pleasing” in a period of uncertainty around the Ogden formula, which it says has delayed decisions on a number of its clients’ cases and the aborted formal sale process consuming significant management time. Frenkel Topping’s online Ogden calculator calculates basic, variable and split period multipliers and comes as part of the firm’s basic plan.
The discount rate reduction caused a hiatus in claimants’ cases moving to settlement, as the firm expected, however the legal marketplace has become more ‘accustomed’ with the negative rate. This has resulted in a significant increase of cases starting to settle over the last few months.
Frenkel Topping’s consultants have “continued to win business and increase asset under management”, the company statement continued, as well as continuing to increase the level of funds under discretionary management, a key driver of revenues and margins for the company.
In addition, Frenkel Topping has continued to increase the number of consultants employed during the period since 30 June 2017, invested in new information technology and moved into new offices to allow the business to move forward and capitalise further on its position in the market.
Executive chairman at the firm, Paul Richardson, commented: “The performance of the company in the first ten months of this year is pleasing given the challenges faced. Since joining Frenkel Topping, I have been impressed by the quality of the team in place and the growth achieved in the current year.
“I am also very excited by the opportunity the company has to continue to grow in its current and new market sectors, leveraging off Frenkel Topping's core competency of servicing vulnerable clients.”
Frenkel Topping focuses on providing financial advice to protect assets for clients. It offers a range of wealth management services including investment portfolios, personal and corporate financial advice and tax planning.