The quarter also saw Continuum add four new advisers, boosting the total to 67.

During the second quarter the firm saw a 10% rise in ongoing recurring income, year-on-year, it said.

It said there was a 29% increase in website audience and a 191% increase in head office enquiries.

The firm said it is well prepared for the introduction of the FCA’s new Consumer Duty at the end of the month.

Martin Brown, managing partner at Continuum, said: “As we pass through the midpoint of 2023, we can be encouraged by the growth direction of our business, and importantly be confident on how well we are positioned for the biggest regulatory change to UK financial services in over 10 years.

“The long overdue change can only drive up the quality of client engagement and with it enhance the reputation of high-quality advice firms.”

At the start of July Continuum ran five bespoke workshops for advisers and support staff around the country, to ensure that all of the team were ready to embrace Consumer Duty opportunities. The principles of the Duty have been embedded within the business for the last two to three years, Mr Brown said.

He continued: “This may be one small step for quality firms, but this is a giant leap for the breadth of UK Financial Services."

He added that Consumer Duty, "is a defining moment for the industry and we have no doubt that time will show this to be a significant market differentiator for those businesses that fully embrace this new benchmark."

Continuum was established in 2014 by founding partner, Martin Brown and is Financial Planning focused. It launched in-house discretionary model portfolio service My Continuum Wealth in July 2021 for Continuum advisers.

In August last year fund manager and wealth manager M&G acquired 49.9% of Continuum for an undisclosed sum. M&G plc is expected to acquire the remainder over the following two years.