Financial Planning revenues at the wealth manager rose to £10m (2019/20: £8.7m) despite overall group revenues falling 1% to £171.2m. The Investment Management Services division saw a £3m drop in revenues.

Fee income for the group rose 3.2% and commission income by 1.5% for the year ending 31 March, helping to offset a 68.8% reduction in interest income due to lower base rates.

According to the firm’s trading update released today, total funds under management and administration (FuMA) for the group increased by 3% over the fourth quarter to £25.6bn.

The Group's average FuMA over the financial year to 31 March 2021 was £23.2bn, a decrease of 4.1% from £24.2bn over the prior financial year. The group blamed the drop in FuMA for the year as reflecting “stressed market conditions” during the Coronavirus pandemic.

Paul Abberley, CEO of Charles Stanley, said: “We are cautiously optimistic that the worst of the pandemic is behind us and we expect to make further progress in the year ahead."

The wealth manager will release its full financial results for the year ending 31 March 2021 on 27 May.