Financial Planner and wealth manager Brooks Macdonald will no longer charge fees on cash in its discretionary funds.
It will continue to pay interest earned on cash.
The wealth manager said the change, announced today, was, “in light of the evolving regulatory environment” and its “commitment to deliver clarity and value” to clients.
It announced the change in its latest financial results, covering its fourth quarter (the three months ended 30 June).
Brooks reported a significant turnaround in net inflows for the year with net inflows of £226m, compared to net outflows of £396m for the full year ended 30 June 2025.
Net inflows for the quarter were £167m, the third consecutive quarter of positive net flows.
The firm’s platform MPS service continued to grow strongly in Q4 with net inflows of £272m, equivalent to an annualised growth rate of 15%. Gross inflows were broadly spread across PMPS & Brooks Macdonald Strategic Partnerships, the wealth manager’s offering for financial advisers.
The outflows across the wealth manager’s BPS proposition improved significantly over the quarter, resulting in quarterly net outflows of £20m (Q3: net outflows of £132m) which Brooks attributed to a focus on client and financial adviser engagement.
Total funds under management or advice ended the quarter at £21.7bn (30 June 2025: £19.1bn).
Assets under advice at the firm’s Financial Planning proposition, Brooks Financial, increased to £5.7bn (30 June 2025: £5.3bn), following the first full year of financials including the acquisitions of LIFT-Financial, Lucas Fettes and CST which were all acquired to help form the new business.
Andrea Montague, CEO of Brooks Macdonald, said: "Our fourth-quarter net flows mark our strongest performance in three years. Our strategy is delivering, with FY26 net flows improving by more than £600 million vs FY25.
“We are now seeing the tangible benefits of the hard work of our colleagues across the business through disciplined execution, stronger relationships with advisers, and continued growth in Financial Planning.”