Strategy
Brewin Dolphin To Tread On Its Clients' Turf With Rival Services

Yesterday, the wealth management group posted its full-year financial results for 2017.
Brewin
Dolphin is moving away from traditional stock broking towards
discretionary wealth management through the launch of two
new advice services: one aimed at the mass affluent and the other
at more sophisticated clients.
The FTSE 250 company said that next year it will expand
WealthPilot, a low-cost advice service delivered via Skype or
face-to-face.
It will also tap clients with more complex needs from a small
office in the West End of London.
Meanwhile, MyBrewin, a new digital portal for clients, is in the
process of being launched.
The move places the firms in direct competition with financial
advisors who use Brewin Dolphin to outsource their investment
management solutions.
In its full-year results, published yesterday, Brewin Dolphin
said it had seen its funds under management swell 13 per cent to
£40 billion ($53.6 billion).
Profits also rose, the group said, as pre-tax profits came in at
£57.6 million during the year to the end of September 2017, up 15
per cent on last year.
Total income for the year was £304.5 million, having risen from
£282.4 million logged in 2016. Some £21 million of this figure
came from financial planning, the firm noted.
Discretionary funds under management were boosted 17 per cent to
£33.8 billion following the implementation of an array of
“deliberate initiatives” which sought to bolster this
service.
Brewin Dolphin’s profits were affected by exceptional costs of
£5.7 million, primarily tied to its acquisition of Duncan Lawrie
Asset Management earlier this year.
David Nicol, chief executive, said: "2017 was a successful year
for the business. Building on the focus and discipline of past
years and supported by continued positive markets, we have
delivered a strong financial performance underpinned by record
fund growth. I'm particularly pleased to report above target
organic discretionary fund growth demonstrating the progress we
are making with our strategic initiatives.”
He added: “The rate of change in our market environment is
accelerating, driven by changing client needs, continued
evolution of financial regulation and government policy. Against
this backdrop, our advice-led proposition has enduring relevance
for customers in uncertain and complex times. The firm has proven
skills in innovation and delivering constructive change. Building
on this momentum, I am certain that Brewin Dolphin is well
positioned to deliver future growth.”