Wealth manager and Financial Planner Brewin Dolphin increased Financial Planning income by 17.8%, the firm’s latest figures have revealed.

The company’s ‘Preliminary Report For the Year Ended 30 September 2018’ showed Financial Planning income rose from £20.8m in 2017 to £24.5m.

The firm said there was “recurring income growing strongly” in relation to Financial Planning and singled it out as an area of “competitive advantage.”

Other highlights showed an increase of total funds of 6.7%, from £40.1bn to £42.8bn.

Brewin Dolphin also boosted pre-tax profits by 18.9%, from £57.6m in 2017 to £68.5m this year.

David Nicol, Brewin Dolphin chief executive, said: “2018 was another successful year for the business, during which the ongoing strength of our business model continued to support our ability to deliver against our strategy.

“In particular, it was a period of continued substantial growth during which we increased the number of clients whose investment and advice needs we care for, as well as the amount of wealth we manage on their behalf.”

He said the firm’s priorities during 2018 were “growth, innovation and efficiency.”

Under a section of the report headed ‘growth and innovation’, Mr Nicol hailed Brewin Dolphin’s success in Financial Planning this year.

He wrote: “Financial Planning services are a primary source of competitive advantage. Our investments in this area helped to drive an increase of 17.8% in our advice-related business (Financial Planning) during 2018.”

He added: “Similarly, our high retention of client-facing specialists supports our client retention levels and protects us against the risk of client attrition.

“As well as recruiting new people, we invested during the year in training and development to support our existing personnel in an advice-focused market place.

“The competence of these individuals, who comprise the public face of Brewin Dolphin, is of major importance to us.

“We are, therefore, committed to continuing our investments in this area.

“We launched a new programme to equip our people to have richer client conversations in a MiFID II environment, ensuring that clients fully understand the value of our services.

“Following the success of the first year's intake of our Financial Planning Academy, part-funded by the Apprenticeship Levy, the second annual intake of trainees have joined the academy.

“This provides a structured programme of high-calibre learning for people wishing to become para-planners and will provide us with a sufficient flow of qualified individuals to meet our objectives in this area.”