UK wealth management group, Brewin Dolphin, posted their yearly results this morning and showed a £52.3 million profit before tax, an increase of 22% compared to the previous year. However, after accounting for one-off costs, including redundancy fees, this drops to £28.6 million, over £1 million less than the year before.
Total managed and advised funds reached £28.2 billion, a rise of 8.9%. This is attributed to Brewin Dolphin’s focus on fair and consistent national pricing. Also, their new focus on more discretionary services, rather than advisory, has helped, according to the wealth management firm.
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David Nicol, chief executive, said: "Out priorities are clear. They are to reinforce our high standard of service to clients and ensure an improved return to shareholders. Our evolution must continue as we strive to become the leading provider of personal discretionary wealth management in the UK."
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