The income generated by Brewin Dolphin for giving financial advice rose by 22% to £7.2m in the three months to June 30, following the launch of the company's Mayfair planning division 1762, and the roll-out of a mass affluent restricted advice service.
That business unit generated income of £5.9m in the same quarter last year, according to the firm's latest results. Advisers placed an additional £100m of client cash with Brewin Dolphin in the three months to the end of June 2019, with market movements providing growth of £300m for that segment of the Brewin Dolphin business.
Group income rose 3.7%, it said in a brief quarterly update, to £87.3m, while discretionary income climbed 4% to £76.2m on higher fee income.
We are pleased with the overall business performance, particularly the resilience of our discretionary net inflows of £300m in the quarter in challenging economic and market conditions"
Total model portfolio funds managed by Brewin Dolphin climbed almost 10% or £200m in the period to £3.5bn, taking the 12 month rate of growth to 25%.
"We are pleased with the overall business performance, particularly the resilience of our discretionary net inflows of £300m in the quarter in challenging economic and market conditions," chief executive David Nicol said.
"In this context, we are confident in our business model, strategy and long-term growth prospects, which are underpinned by our focused investment in the UK and Ireland, combined with continued operational discipline."
During 2019 the company acquired Investec's Irish wealth management business and the assets of Epoch Wealth Management, with the company statement saying the integration of those businesses is proceeding as planned.