Wealth manager Brewin Dolphin has reported an 11.8% rise in Financial Planning income in its latest trading update.

Financial Planning quarterly income was £9.5m (Q1 2020: £8.5m) mainly due to growth at the ‘1762 from Brewin Dolphin’ wealth management arm and strong demand for advice-led services.

Total funds for the group increased by 8% to £51.4bn in the quarter.

Total discretionary funds rose 8.3% to £44.6bn.

Total quarterly income for the group increased 7% to £95.9m (Q1 2020: £89.6m), driven by strong market performance in the quarter and high levels of commissions.

Total discretionary income increased by 5.9% to £81m due to growth in funds and higher commission income.

MPS income grew 18.5%, driven by improved market performance.

Total discretionary net flows were £0.1bn, representing an annualised growth rate of 1%. Gross inflow were £0.6bn, similar levels to Q1 2020.

MPS funds also saw net flows of £0.1bn, an annualised growth rate of 9.1%. The wealth manager said this growth was driven by the recently launched Brewin Dolphin Voyager funds.

The wealth manager also said it continues to benefit from some cost savings across the business as social distancing continues.

The jump in Financial Planning income is not the first for the wealth manager which reported a 20% jump in Financial Planning income for its half year ended 30 September 2020. The wealth manager also reported a 30% surge in income from Financial Planning in the half year ended in March 2020 despite a slip overall in profits. 

The wealth manager has also recruited several experienced Financial Planning professionals throughout 2020 after having made Financial Planning acquisitions in 2019.

The company employs more than 105 qualified Financial Planners and 129 Paraplanners and assistants.

Robin Beer, chief executive at Brewin Dolphin, said: "We remain on-track with the implementation of our custody and settlement system to be completed in the Autumn this year.

“With a Brexit trade deal behind us and the rollout of vaccinations in the UK, market sentiment is starting to improve, and we look forward to benefiting from this recovery over the coming year."