AWD Chase de Vere saw earnings before interest and tax fall 19 per cent to £1.01m in the first quarter of 2011, compared to £1.24m for the same period in 2010.
The firm is attributing the drop in earnings to the increased costs of regulation.
AWD saw six advisers leave the firm as numbers fell from 199 in Q1, 2010 to 193 in the first quarter of this year.
AWD turnover in Q1, 2011 increased 8 per cent to £10.55m, compared to £9.74m during the same period the previous year.
AWD Chase de Vere chief executive Stephen Kavanagh (pictured) says: “These results are a pleasing reflection of the progress that AWD Chase de Vere continues to make.
“I fully expect 2011 to be another year of positive growth and profitability for the company as it pursues its goal of becoming the leading firm of IFAs in the UK.”
In April, AWD confirmed it has had nine Keydata complaints referred to the Financial Ombudsman Service and three have been upheld. It is contesting the upheld cases and is still awaiting decisions for the remaining six. In January, the firm agreed to pay full compensation to a Sipp client that it advised to invest £200,000 in Lifemark through Keydata.