Full year profits rise 7% for Birmingham IFA
IFA Chase de Vere has announced an increase in full year profitability, revenue and adviser productivity.
The company, which has an office in Birmingham, reported a pre-tax profit of £5.8m for the full year ended December 31, 2016 (2015: £5.4m), an increase of 6.9%.
Fee income revenue increased from £50.1m in 2015 to £51.8m and average fee income per adviser rose from £216,000 to £245,000 over the same 12-month period.
Stephen Kavanagh, chief executive, Chase de Vere, said: “Our 2016 performance represents another year of positive progress for Chase de Vere.
“We have achieved this while providing high quality independent financial advice and services. While many other larger advice firms have chosen to give restricted advice, we remain committed to providing independent advice, which puts our clients’ interests at the forefront of everything we do.
“I see many opportunities for further growth including the development of existing and new affinity relationships with organisations and companies, such as our current relationship with the British Medical Association.”
He said the firm’s growth strategy involved the recruitment of additional financial advisers, an exploration of acquisition opportunities and a commitment to spend an additional £2.8m over the next five years to drive IT efficiencies and further improve the range of services to clients.
“I am incredibly optimistic about the future prospects for Chase de Vere, which can prosper in an environment where independent financial advice is becoming scarcer. We’ve already started 2017 in good style, with fee income revenue in the first quarter up by 6% compared with last year,” he added.
