Financial Planning firm Tilney increased its adviser numbers by nearly 200 last year, it has revealed today, as it declared its ambition to become the UK‘s leading wealth management business.

The investment group today announced its full year financial results for the year ended 31 December 2016.

This showed an increase in number of advisers from 146 to 328.

Last year the group secured the “landmark acquisitions” of Towry and Ingenious Asset Management.

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The report showed a 138% increase in assets under management to £22.4 billion, up from £9.4 billion.

There was an increase in gross new money per adviser from £9.8 million to £10.0 million.

Peter Hall, chief executive officer of Tilney, said: “With a team of 328 advisers and a local office presence in 30 towns and cities across the UK, Tilney is now in a very strong position for the future.

“Our strategic vision is to become the UK‘s leading wealth management business with a dual expert approach that offers clients a highly professional and personalised service across both Financial Planning and investment management.”

The business began a £15 million investment programme in new technology and systems to “enhance client experience”.

Mr Hall said: “In addition to the successful delivery and integration of two major acquisitions in 2016, the year also saw an acceleration of organic growth in the original Tilney Bestinvest business.

“The gross new money per adviser of £10 million demonstrates the strong organic growth achieved at the same time as the Towry and Ingenious integrations were taking place.”

The firm also reported a 209% increase in run-rate revenues to £213.1million (2015 reported revenues: £69.0 million) and a 268% increase in run-rate EBITDA to £64.7 million (2015 reported EBITDA: £17.6 million).

Wadham Downing, chief financial officer, said that 2016 was a “record breaking year for Tilney”.

Had Towry and Ingenious Asset Management been owned by Tilney for the entirety of 2016, then adding on those earlier months on a pro forma basis EBITDA would have been £65 million – a threefold increase on 2015, he said.