National IFA firm Chase de Vere has suffered a dip in profits, but increased revenue and adviser productivity.

According to figures released in its latest annual report and financial statements for the year ending 31 December 2017 the company reported pre-tax profits fell from £5.77m in 2016 to £5.68m in 2017.

The company blamed the dip on “costs associated with the purchase and integration of Medical Money Management in October together with the migration to a new back office system.”

The firm hailed its “fourth consecutive year of profitability.” 

Fee income revenue increased from £51.8m to £57.4m and average fee income per adviser rose from £245,000 to £286,000.
 
Stephen Kavanagh, chief executive, Chase de Vere, said: “This was another excellent year for Chase de Vere.

“We have achieved profits in excess of £5m, while integrating our first major acquisition following the purchase of Medical Money Management and successfully upgrading our back office systems.

“Both of these initiatives should help us to deliver significantly increased profitability in the future. 
 
“We have increased our fee income revenue and the productivity of our advisers and we have many opportunities for further growth in 2018 and beyond.

“This includes the development of existing and new affinity relationships and an increased focus on the advice services we provide for the medical profession.”
 
He added: “We have achieved this success while remaining committed to independence.

“In an environment where many other larger advice firms have chosen to give restricted advice, we remain committed to providing independent financial advice and putting our clients’ interests at the forefront of everything we do.”