Tavistock has said that its senior managers and the majority of other staff have made voluntary salary waivers and the IFA and Financial Planning group has also made use of the Government’s furlough scheme.

The move has helped expanding firm stay in the black.

The company also said that rapid adoption of new technology-based work practices and the implementation of business continuity plans enabled the entire group to move to home-based working.

A trading update also mentioned cost reductions were made in order for the company to trade profitably during lockdown.

Brian Raven, chief executive of Tavistock, said: “I have been enormously encouraged by the way that our entire workforce has risen to the challenges arising from the pandemic and by the widespread adoption of the Protection Portfolios to safeguard clients’ personal wealth in these uncertain times.

Tavistock secured £650,000 in new investment in March from industry veteran Hugh Simon, owner of the Hong Kong and London-based boutique Hamon.

Tavistock employs more than 300 advisers who look after 70,000 private clients and £3bn of client investments.