Wealth manager Brewin Dolphin has reported a 28.9% rise in Financial Planning income in its latest trading update.

Financial Planning income grew £10.7m in the firm’s third quarter (ending 30 June) driven by continue demand for ongoing Financial Planning advice (Q3 2020: £8.3m).

The jump in Financial Planning income is not the first for the wealth manager which reported a 11.8% rise in Financial Planning income in its first quarter and a 20% jump in Financial Planning income for its half year ended 30 September 2020. 

Total income was £103.8m (Q3 2020: £92.7m), an increase of 12% year on year, driven by higher market performance and strong fund net flows.

Year to date total income was £303.7m, an increase of 13.1% year on year.

Total funds increased by 6.5% to £56.0bn in the quarter (Q2 2021: £52.6bn).

Discretionary funds were up 6.6% to £48.7bn (Q2 2021: £45.7bn) supported by continued strong net flows and improved investment performance of 5.0% in the quarter.

Discretionary net flows for the third quarter were £0.7bn, an annualised growth rate of 6.1%.

The wealth manager reported record discretionary fund inflows of £1.3bn, higher than Q2 level of £1.0bn. The firm said this “continues to demonstrate the value in our advice-focused strategy and broad range of propositions.”

Robin Beer, chief executive at Brewin Dolphin, said: "We are very pleased to announce a second consecutive quarter of record gross discretionary fund inflows of £1.3bn, of which over 70% were from new clients. Strong fund inflows were seen across both our direct and indirect businesses, with Ireland having an exceptional quarter and our Voyager fund range continuing to scale at pace.

“We are in the final stages of implementing our custody and settlement system and remain on track for it to go live in our environment in the Autumn.

“These results are testimony that we are delivering on our strategic priorities of innovating our propositions, expanding our distribution channels and accelerating our digital agenda, and we are well positioned to capture future growth."