Profits rose 17% to exceed £13m (2023: £11.2m) for wealth manager JM Finn in 2024, an increase for the second consecutive year.

Net fees and commission income rose 7.5% to £81.5m (2023: £75.8m), which the wealth manager attributed to an increase in discretionary assets.

At the end of December 2024, total assets under management and administration for JM Finn were £10.9bn, a 3% rise year on year. Of these, 85% (£9.2bn) were managed on a discretionary basis, a 3.4% increase on the prior year.

Costs rose by £3.6m for the year, which the wealth manager said was driven by an increase in staff costs and an increase in office occupancy costs.

The firm’s Winchester office moved to new premises during the year and it has also submitted planning applications to significantly overhaul its Bury St Edmunds office.

JM Finn’s Financial Services Compensation Scheme levy was also substantially higher in 2024 at £0.5m.

In 2024 the firm also focused on ‘finding efficiencies’ across the business which included a new digital onboarding tool and building its wealth planning proposition.

Hugo Bedford, CEO of JM Finn, said: “I am delighted that our emphasis on delivering greater operational and investment efficiency across the business is paying off. We continue to focus on client engagement as well as embarking on a number of specific business development projects that aim to provide an even more secure platform for sustainable long-term growth.”

JM Finn has over 100 investment professionals looking after over 18,500 clients. It is headquartered in London and has regional offices in Bristol, Bury St Edmunds, Winchester and York.

The 2024 financial results are the first under new chairman Luc Bertrand, former CEO of Ackermans & van Haaren, which acquired JM Finn in 2021.

Mr Bertrand took over from Steven Sussman who retired from his position of chairman following a 26-year career at the firm in January. He had served as chairman since 2020 when he stepped down as CEO.