Brewin Dolphin increased its profits before tax for the first half of the year by 32 per cent to £28.4m as the firm's advice services continues to grow.
The company has said it is looking into developing a "cost effective" planning service for those with less complex needs.
Brewin Dolphin today (17 May) reported strong growth in its intermediary services, such as its managed portfolio services and bespoke portfolios.
These saw £0.9bn of combined net inflows, with an annualised growth rate of 23.4 per cent.
The growth of the company’s managed portfolio services has been “exceptionally strong”, according to bosses, with £0.5bn of net inflows in the first half, double the net inflow of 2016.
It now manages £1.8bn for intermediaries across 11 investment platforms.
In its results Brewin Dolphin said: “To support this growth, investment continued in this half with the further enhancement of the existing product range and work is ongoing to further expand across broader investment mandates.”
Brewin Dolphin added that increased integration of financial planning is “key” to its longer term organic growth targets, with an increasing amount of inflows also receiving financial planning advice.
More than 16 per cent of direct private client funds have received Brewin Dolphin’s wealth management service, which combines financial planning and investment management.
The company added: “We have also begun to explore the development of a new advice/planning led service aimed at providing a cost effective way for clients with less complex needs to receive quality advice and investments solutions at a competitive price.”
In the six months to the end of March, Brewin Dolphin increased its funds under management to £37.8bn – an increase of 6.8 per cent.
The company saw record net discretionary fund inflows, including transfers, of £1.1bn.
David Nicol, chief executive of Brewin Dolphin, said the company was exceeding its organic growth targets.
He said: “The delivery against our growth strategy has contributed to an excellent financial performance, with underlying earnings growth of 14.1 per cent.
“In particular we are capturing the near-term growth opportunities in intermediary business as a direct result of current growth initiatives which are delivering tangible results whilst continuing to invest in other initiatives aimed at driving further longer term growth.”
damian.fantato@ft.com
