British wealth manager Brewin Dolphin has posted an adjusted pre-tax profit of £70m for the year ended 30 September 2017, an increase of 15% compared to last year. Statutory profit before tax increased 15% year-on-year to £57.6m.
Total income for the period stood at £304.5m, as against £282.4m in the previous year.
Funds under management totalled £40.1bn at the end of September 2017, up 13% from £35.4bn last year. Discretionary funds surged 17% year-on-year to £33.8bn.
Also, the wealth manager announced plans to launch two advice propositions, one targeted at clients with simpler needs and the other for clients with more sophisticated needs.
The simplified wealth planning and investment advice, dubbed WealthPilot, will be a low-cost service that can be delivered over the phone, by Skype or face-to face. The service has already been trialled in London and plans are on expand the service across the firm’s network during 2018.
The complex advice service will be tested in separate office space in central London.
Brewin Dolphin CEO David Nicol said: “2017 was a successful year for the business. Building on the focus and discipline of past years and supported by continued positive markets, we have delivered a strong financial performance underpinned by record fund growth. I’m particularly pleased to report above target organic discretionary fund growth demonstrating the progress we are making with our strategic initiatives.”