A preliminary report for the year ended 30 September 2019 showed the rise as well as an increase in revenue of 3.1% to £339.1m, which the firm says was “driven by an increase in Financial Planning”.
A company statement read: “This year has seen economic uncertainty resulting in subdued client activity; however, the performance of the business has held up very well.
“We have delivered organic net discretionary funds growth of 3.7%, bringing our total funds to £45bn and we remain on track to meet our target to grow new discretionary funds organically by a third by the end of FY 2020.
“Our business has continued to broaden and this is demonstrated by our strong net discretionary inflows of £1.4 billion balanced across our direct and intermediaries channels and MPS service.
“As a result of this well balanced growth our revenue is up 3.1% to £339.1m driven by an increase in financial planning and MPS in particular. Our financial planning income has grown by 12.2% to £27.5 million.
“Our integrated wealth management service continues to be attractive with over 50% of new private client business now on this proposition.”
Brewin Dolphin says there has been an increasing demand for advice
“At our heart we are an advice-led business.
“We have made significant progress in growing our Financial Planning business over the past five years.
“We know that good advice can help people achieve their financial objectives and outcomes,” a statement read.
It added: “Over recent years we have strengthened our Financial Planning resources considerably.
“We now have 105 qualified Financial Planners operating across the business, supported by 129 Paraplanners and assistants.
“We offer Financial Planning from every office in the UK and Ireland.
“Our income from financial planning has doubled in the past four years, but that alone does not tell the whole story as financial planning relationships provide access to further investment opportunities.
“This year, in delivering our strategy, we have made significant progress on our advice-led growth initiatives and made strategic acquisitions.”
Focusing on the future the firm also hailed its Financial Planning Academy which has taken its third intake and was described as “an important part of developing our Financial Planning capability and capacity”.
The company also acquired Bath-based Epoch Wealth Management LLP in August, an independent financial planning firm with 38 members of staff.
Brewin says the acquisition has provided “a significant increase in our Financial Planning capacity and adds to our office footprint in an important part of the country”.
More generally total funds were £45bn, an increase of 5.1% (2018: £42.8bn) and pre-tax profits stood at £75m a 3.2% fall from 2018 (£77.5m), but the firm said this was “in line with expectations”.
David Nicol, chief executive, said: "I am very pleased with our financial performance, particularly over the second half of the year.
“The group has continued to deliver strong and resilient organic growth, against the continued uncertain economic and political backdrop.
“This is demonstrated by the strength of our discretionary funds flows.
“Our strategy of focusing on our advice-led wealth management service continues to deliver results.
“We continue to invest in our business to support future long-term growth.
“We have completed and integrated a number of strategic acquisitions and the replacement of our core custody and settlement system is on track.
“These initiatives are laying the foundations for long-term growth and will ensure that we are well placed to capture future market opportunities.”