Annual profits have inched down by 1.5% at Chase de Vere, the national independent financial advisory firm with an office in Bath, following an acquisition and an upgrade of its back office.
The firm took over Medical Money Management, a business specialising in providing financial planning advice to medical, dental and other professionals, last October.
Chase de Vere chief executive Stephen Kavanagh, pictured, said the cost of buying and integrating the business and migrating to the new back office system had impacted on its results.
Pre-tax profits for the year to December 31 came in at £5.68m on fee income revenue up 10.8% at £57.4m and an average fee income per adviser up by 16.7% at £286,000.
Stephen Kavanagh 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.
“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.”
Chase de Vere, which is backed by Swiss Life, provides independent financial advice and planning services for private individuals and businesses across a network of 16 UK offices.
