The company currently has a team of over 300 investment managers and Financial Planners in offices throughout the country.

The firm is also set to combine existing departments into a single Asset Management division.

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Emphasis is to be shifted onto developing the core investment management business.

Paul Abberley, chief executive of Charles Stanley Group, said: “We believe the market place for Financial Planning services will develop considerably in the future and is one which fits naturally with our core competencies.

“We will seek to roll out this service further and extend our team of Chartered Financial Planners.

“Accordingly we are looking to develop further our Financial Planning offering as we can see this being both an increasingly integrated product but also as a source of new clients being introduced to the firm.”

On the new Financial Planning division, he added: “Increasingly, our clients require advice and we are renewing our commitment to make such support available.”

Each of the new departments will be managed as a “profit centre”, the firm said.

Mr Abberley said: “Thus, Financial Planning, provision of platforms and wrappers, investment management and asset management will each contribute to the long term growth of both our profits and our margin. Implementation of the revised strategy will be a multi-year exercise, but meaningful progress will be delivered in the current financial year.”

The new strategy was contained within the company’s financial results published this morning, which showed it made a £6.1m loss in the year up until March 31. This compared with a £6.1m profit in the previous 12 months.

The company has also reported the sale of its corporate broking division Charles Stanley Securities to Panmure Gordon (UK). Charles Stanley Financial Solutions will also be sold. Both were not considered to be ‘core’, the company said.

Mr Abberley said: "The past year has been one of substantial change for Charles Stanley. Whilst several of the underlying elements of the results give cause for encouragement, the overall result leaves significant room for improvement.

“As such, our immediate priorities have been firstly to ensure our staff continue to aim for the highest possible level of client delivery and secondly to address the near term deterioration in profitability.”

He added: “We are confident that the core activities of Charles Stanley are sound and are committed to delivering significant progress over the coming financial year."

Other result highlights:

· Total funds increased 6% to £21.3 billion (2014: £20.1 billion)
· Discretionary funds increased 13% to £9.3 billion (2014: £8.2 billion)
· Revenue increased 1% to £149.7 million (2014: £149.0 million)
· Charles Stanley Direct account holders grew to over 20,000 with revenues up 37.1%
· Adjusted profit before tax £4.2 million (2014: £13.5 million)
· Loss before tax £6.1 million (2014: profit £6.1 million)