National advice firm Chase de Vere almost doubled its profits to £10.62m in 2018, hailing the "increasing productivity" of its advisers.
In its annual report for the year ending December 2018, Chase de Vere reported its fifth consecutive year of profitability as pre-tax profits grew from £5.68m in 2017 to £10.62m.
The results published today (June 5) showed a recovery from the previous year which saw Chase de Vere's profits fall slightly from £5.77m to £5.68m during 2017.
The company's turnover increased from £57.38m to £68.49m last year, with its chief executive Stephen Kavanagh nodding to increased adviser productivity as the average fee income per adviser rose from £286,000 to £296,000.
Mr Kavanagh also attributed the results to the "successful integration" of the business acquired from Medical Money Management in 2017, a company that specialised in providing financial advice to the medical, dental and related professions, and the "growing importance" of Chase de Vere's affinity partnerships.
Following the acquisition of Medical Money Management, the advice firm last year launched Chase de Vere Medical as a service focused on providing independent financial advice to the medical profession.
Mr Kavanagh said: "2018 was a fantastic year for Chase de Vere as our profits smashed through £10m for the first time ever.
"We have launched Chase de Vere Medical, enhanced our client proposition by introducing a discretionary model portfolio investment service, which has already attracted more than £350m in assets, and we are actively looking for other like-minded adviser firms to join us; firms that are focused on providing exceptional client service and are committed to offering truly independent financial advice."
Mr Kavanagh said in an environment where "most other larger advice firms have chosen to give restricted advice" Chase de Vere remained "committed" to providing independent financial advice.
He added: "We are absolutely wedded to independence. This approach resonates with professional bodies as we continue to build relationships with affinity partners, the latest being the Faculty of Medical Leadership and Management, who want their members to have access to top quality independent financial advice. "
rachel.addison@ft.com
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