UK Wealth Management has posted a loss of £1.9 million for 2012, compared to £145,000 it reported in 2011.
Revenues declined by 4% to £8.2 million for 2012, compared to £8.6 million in the previous year.
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The company said the retail distribution review (RDR) had affected its revenues and acquisition strategy and was also responsible for adviser departures.
UK Wealth Management chief finance officer, Simon Shaw, was quoted by Money Marketing? as saying that "Uncertainty surrounding the impact of the RDR on other firms in the sector made valuing acquisition prospects difficult and significantly increased the downside risk associated with acquisitions."
"The board is confident of a significant improvement in financial performance in 2013," Shaw said.
The company’s financial statements, filed with Companies House, said the regulatory reforms had made it hard to value firms for acquisition, meaning that it had only completed one deal.
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