Charles Stanley is creating a simplified advice offering to sit alongside its full service discretionary management.
In its final results for the year ended March 31, 2021, released today (May 27), the group said it deemed it important to provide advice to clients who are looking for a service which sits between full discretionary investment management and execution-only.
To address this sector of the market it has created a division called Central Financial Services which will incorporate model portfolio services, foundation financial planning and execution-only services.
From April 2021, the group’s three operating divisions were investment management services, financial planning services and central financial services.
David Howard, chairman at Charles Stanley, said: “Charles Stanley’s transformation programme is well underway and we are in a good position to drive greater efficiencies and to develop new methods of engaging with and supporting existing and new clients, as the need for advice continues.
“The creation of the new Central Financial Services division is another step forward with this goal.”
Elsewhere, the group saw record levels of funds under management and administration, up 26.7 per cent at year end to £25.6bn, compared with £20.2bn in 2020.
The wealth manager said total revenue for the year remained stable at £171.2m.
There were record revenues in the financial planning division of £10m (2020: £8.7m), up 14.9 per cent.
Revenues in its investment management services division dropped slightly, from £154.8m in 2020 to £151.6m in 2021.
Paul Abberley, chief executive officer at Charles Stanley, said: “Revenues and profits were inevitably impacted by market conditions but the results highlight the resilience of the business.
“This is a strong performance given the prevailing economic circumstances.
“Our transformation and restructuring programme has resulted in continued operational efficiencies and productivity so we are coming out of the pandemic strategically and operationally stronger.”
amy.austin@ft.com
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