IFA network Chase de Vere has announced its best-ever performance with profits rising above £10m.

The firm’s Annual Report & Financial Statements for the year ending 31 December 2018 revealed it had recorded a profit of £10.62m before tax in 2018, up from £5.68 million in 2017.

The figures represented the company’s fifth consecutive year of profitability, with this year the first in which profits have exceeded £10m.
 
Company turnover increased from £57.38m to £68.49m and average fee income per adviser rose from £286,000 to £296,000.

Stephen Kavanagh, Chief Executive, Chase de Vere, said: “2018 was a fantastic year for Chase de Vere as our profits smashed through £10m for the first time ever.

“This was achieved because of a number of reasons, including our successful integration of the business acquired from Medical Money Management, the growing importance of our affinity partnerships and the increasing productivity of our advisers.

“The most exciting news, as we celebrate our 50th anniversary in 2019, is that our future looks even better.
 
“We have launched Chase de Vere Medical, a service dedicated to providing independent financial advice to the medical profession, enhanced our client proposition by introducing a discretionary model portfolio investment service, which has already attracted more than £350m in assets, and we are actively looking for other like-minded adviser firms to join us; firms that are focused on providing exceptional client service and are committed to offering truly independent financial advice.
 
“We are absolutely wedded to independence.

“This approach resonates with professional bodies as we continue to build relationships with affinity partners, the latest being the Faculty of Medical Leadership and Management, who want their members to have access to top quality independent financial advice. 
 
“In an environment where most other larger advice firms have chosen to give restricted advice, we remain committed to providing independent financial advice and putting our clients’ interests at the forefront of everything we do.”