Dunham celebrates first year of fee-based profit

Peterborough-based Dunham Financial Planning has made its first year of profit as a fee-based firm.

Pre-tax profits to 30 June stand at £20,419, a turnaround from the loss of £40,489 the previous year.

Director Rebecca Taylor, who joined Dunham in 2001, was always confident that the profits would improve after she had moved the business firstly to recurring income and then to a fee-based model.

She said: ‘The old business did make a profit but that was from doing things like taking large indemnity commission and when I joined I stopped that. We have had two years that have been loss-making but we have now built up our reputation as a good fee-based adviser and have made a profit. It takes time to move into the new model and our turnover is smaller than it was when it was commission driven, but if you ask people in the area about our reputation it is definitely more positive.