MAB posts 2019 profit as adviser numbers grow 20%

Its latest trading update shows that the number of core MAB advisers rose by 13% and the acquisition of First Mortgage Direct in July brought a further 82 advisers - along with an additional £8m of revenue - into the business.

MAB saw a drop in underlying average annual revenue per adviser of 3%, which it attributes to ongoing political and economic uncertainties associated with Brexit.

However, the firm says it saw improved productivity in H2 2019 and expects the General Election result, alongside internal process efficiencies and lead generation, to generate growth in revenue per adviser in 2020 "irrespective of the level of activity in the broader market".

Peter Brodnicki, CEO of MAB, said: "MAB has delivered another strong performance despite the prolonged political and economic uncertainties throughout 2019. We continue to deliver on our strategy to grow our market share in all conditions by investing to ensure sustainable growth whilst maintaining a strong financial position.

"We are capitalising upon our protection and lead generation initiatives to further improve performance and continue to pilot our new technology platform, with rollout to a number of our ARs in the first half of 2020. These initiatives are important recruitment drivers for ARs, advisers and lead sources."