Personal Touch was originally established in 1994 as a provider of GI and
protection products to the financial services direct sales force and the IFA
community. The company was then re branded Personal Touch Financial
Services in 2005 to better reflect the range of services it offers both
mortgage intermediaries and independent financial advisers.
The network re-launches its relationship with The Source for GI.
Personal Touch increase charges to brokers quoting FCA fees as the main cause, professional indemnity charges are also to be increased per firm and per adviser.
The 2014 results showed pre-tax profits increasing marginally to £483,176 from £482,895 in 2013, despite turnover falling to £46.6m from £51m the year before.
Max Wright resigns as CEO of Personal Touch FS. Remembered by a lot of ex-PTFS brokers as the man who oversaw the trebling of fees to AR’s during his reign, he is moving to a non executive directors position and has been replaced by Jane Cross by former finance and IT director Jane Cross.
The company announced pre-tax profits increased from £399,000 in 2012 to £483,000 in the year despite a dramatic fall in adviser numbers and turnover and costs of £154,000 from claims brought against it in 2013. Although the networks turnover decreased by 21.4% the company’s gross profit margin increased from 17% in 2012 to 20% in 2013 due to the increase in it’s membership fees.
Following the huge rises in AR’s fees in 2012, Personal Touch FS has said it will absorb the rise FCA fees for the second half of 2013
Dev Malle sales and marketing director mysteriously resigns from PTFS, Andy Walton brought in to oversee the regional sales managers following the firms restructuring also leaves. Max Wright is appointed as the networks new CEO in May. In September 2012, PTFS increases it’s fees for Mortgage Brokers by 300% moving from one of the cheapest networks to one of the more expensive offerings at a stroke.
PTFS added a multi-tie protection panel to run alongside it’s wide panel offering.The accounts for the group (Personal Touch Holdings) were published in September with a profit of £2.3 million reported for the network although the group as a whole reported a £1.1 million loss. Personal Touch FS (PTFS) appointed 9 regional managers to look after it’s AR’s
PTFS announced the shock retirement of Martin Wilson as the chairman of Personal Touch with Doug Crawford being named as their new CEO in March. January also saw the introduction of a flat monthly fee for AR’s which is charged on a per firm rather than a per adviser basis greatly reducing any adverse affect on multi adviser firms or those companies with significant business levels. Further refinements have been made to “Toolbox” the companies bespoke compliance and client tracking software.
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