Plymouth-based Financial Planning firm Continuum has reported a 56% growth in gross profits (year on year) for the first half of 2021.

Net assets increased by £300m over the half, an increase of 38% year on year.

Assets under advice now sit at over £1.4bn for the fast-growing firm.

The Financial Planning firm said it expects turnover for the year to grow 36% year on year to hit £10.2m by the end of the year.

Five new advisers joined the business in the first half of the year, taking the firm to 55 advisers across the country.

Client numbers increased 13% year on year to a total of over 12,400 clients for the firm.

Martin Brown, managing partner at Continuum, said: “The pandemic has made people more conscious for the need of planning as they come to gain greater respect for their own vulnerability. Both clients and advisers have never been more engaged in developing and reviewing their financial plans as they are now.

“We have supported our clients at a time when they have needed us the most, and they are rewarding us for this by recommending us left right and centre. Outstanding client experience has always been at the core of our business culture. Referrals and new business enquiries have increased exponentially, which can be directly attributed to our strong client relationships, the quality of our advisers, and the strength of our support staff."

2020 was a strong year for the firm when it saw a 41% increase in income from total new business written, a 31% increase in business turnover, an 11% increase in clients, and a 13% increase in asset inflows. 

As part of the half year results announcement, the firm also said that it has no plans for the staff to return to the office full time and that it has found most clients want to continue to engage with their adviser remotely.

Some of the firms 55 advisers have returned to face-to-face meetings with clients, with most doing a hybrid of face-to-face and virtual meetings. Over 80% of Continuum’s client meetings are currently virtual.

Mr Brown said the shift to more digital meetings may be part of a long-term trend: “Our net promoter and brand loyalty scores have increased further in recent months, so our clients are telling us they are happy, and all our advisers have experienced a record business year in a virtual capacity. We will continue to work with our clients in whichever way works best for them.”