Financial adviser Frenkel Topping is to shift its acquisition strategy away from the IFA market due to a lack of “suitable” targets.

Equilibrium Financial Planning has surpassed £10m annual turnover for the first time in the company’s history with recorded turnover of £10.25m, an 8% increase on last year.

DFM, wealth manager and Chartered Financial Planner Brooks Macdonald has reported an 11.1% increase in underlying profit before tax to £23m for its financial year ending 30 June 2020.

Profits have risen 56% at adviser support company SimplyBiz, as an improvement in underlying earnings from the first six full months of trading following the Defaqto acquisition helped offset a significant reduction in valuation income.