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Brewin Dolphin financial planning income jumps 18%

Discretionary fund manager Brewin Dolphin has reported an 18 per cent jump in income from financial planning as it continues to branch out more into offering its own advice.

The DFM generated £24.5m in financial planning fees for the year ended September 2018, up from £20.8m the previous year in an area the firm is describing as a “core focus” for growth.

The rate of growth in planning income was faster than for total discretionary mandates (9.5 per cent up) and execution-only services (2.9 per cent up).

Overall income at the firm was £329m, up from £304.5m the previous year.

Brewin has revamped its key performance targets to reflect the move towards offering advice, removing the target of £500,000 for an average client portfolio due to the “changing dynamics” of its advice offering.

The firm launched an advice-led proposition for clients with more sophisticated and complex needs this year, called 1762 from Brewin Dolphin, as well as a new lower-cost simplified investment advice and wealth planning service, WealthPilot.

The complex needs service has allowed it to recruit “high-quality
client-facing advisers who recognise that companies that do not offer advice cannot support clients as well as we can,” the firm says.

Chief executive David Nicol says: “By focusing on growth, innovation and efficiency we were able to take advantage of market opportunities surrounding the growing need for advice…Our recruitment strategy is informed by our fundamental understanding that clients are not always seeking investment management alone, but increasingly require expert financial advice tailored to their personal circumstances. Financial planning services are a primary source of competitive advantage.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Roddi Vaughan-Thomas 28th November 2018 at 9:46 am

    I wonder what the IFAs using its MPS DFM service think about this…

  2. Personally, my experience with them was not a good one. I lost a client to them in rather unsavoury circumstances.

    Sour grapes? Certainly.

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