Your IndustryNov 28 2018

Brewin Dolphin profits rise by 20%

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Brewin Dolphin profits rise by 20%

Brewin Dolphin saw its profits rise by almost 20 per cent as the company saw inflows continue to surge in the year to the end of September.

The company saw its total funds increase by 6.7 per cent to £42.8bn, with discretionary funds rising by 11.2 per cent to £37.6bn.

This helped increase income by 10 per cent to £319.7m and profits by 18.9 per cent to £68.5m.

David Nicol, Brewin Dolphin's chief executive, said: "2018 was another successful year for the group, proving the continued value of our personalised advice-led model.

"Above target organic fund inflows have led to strong earnings and dividend growth. The investment in our services, people and technology are delivering results and we have broadened our range of services so we can capture future growth opportunities.

"At a time of uncertainty we remain confident in our growth prospects."

Revenues from the company's financial planning division grew by 17.8 per cent to £24.5m.

During the year Brewin Dolphin launched 1762 from Brewin Dolphin, a new advice-led service for clients with "sophisticated and complex needs".

It is based in London's West End with an initial staff of 17 but Mr Nicol said the service had "struck a chord" in the market and it was hiring at a faster rate than originally expected.

He added: "We continue to develop WealthPilot, the low-cost simplified advice platform we launched in 2017. It is delivered by qualified advisers over the phone, by Skype or face-to-face.

"Investment to date has been modest, but we have started to introduce the service outside of London into the branch network, initially in Manchester and more recently in Edinburgh."

damian.fantato@ft.com