Walker Crips posted lower profits for the six months to the end of September because of market volatility.
The company posted an operating profit before tax and exceptional items of £188,000 for the first half of the year, down from £390,000 for the same period last year.
This was driven largely by a fall in revenues of 1.9 per cent to £15.1m.
Walker Crips's assets under management and administration increased marginally from £5bn as of the end of March 2018 to £5.2bn at the end of September.
David Gelber, chairman of Walker Crips, said: "Given the background of global trade friction, Brexit uncertainty and the resultant market challenges, the first half of the financial year has been a difficult one as a result of lower transaction driven revenue.
"Notwithstanding this, we are encouraged that certain long-term aims are being achieved, in particular the sustained level of assets under management and administration which, after the impact of general falls in UK market indices, remains marginally above our targeted milestone of £5bn."
The fall in revenues was concentrated in Walker Crips's investment management division, where they fell by 2.1 per cent to £13.9m on the back of lower trading volumes.
But the fall was also partly explained by clients switching from commission-based to fixed fee tariffs.
Meanwhile the company's wealth management division saw revenues increase marginally, from £1.17m to £1.22m.
Recurring revenue for financial planning products and services has increased by 6 per cent while the pension management team has also seen an increase in recurring revenue of 5 per cent.
Walker Crips said the introduction of a new platform using "leading edge technology" would help drive further growth in the wealth management division through efficient processing and greater scalability.
damian.fantato@ft.com
