National IFA firm Chase de Vere has reported positive financial results for the year ending December 2022 with turnover and profit up despite a challenging economic environment.
The company’s pre-tax profit rose to £24.7m in 2022 (2021: £21.9m) with turnover up from £102.46m to £107.09m in 2022, according to annual accounts.
Assets under influence fell during the year by £1bn to £10.2bn against a backdrop of difficult markets although the firm says overall assets under influence remain stable.
The company, which did not acquire any businesses in 2022, says it is now “actively” looking for acquisitions this year.
Chase, part of the Swiss Life group, said it had focused on supporting clients and employees through recent difficult economic times.
For clients, it has aimed to provide proactive financial advice with more ongoing client contact throughout the year. The company also invested in its Investment Management team, increasing its size and expanding the research capability.
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For employees, the company has introduced additional professional development support, including the establishment of adviser and Paraplanner academies and a management development programme.
It has also revised employee remuneration with a particular focus on supporting lower paid employees.
The company said that client numbers have increased by 5% mainly due to referrals from existing clients, the continued growth of medical and other affinity relationships, and the contribution from the acquisitions that the company has made in recent years.
Acquisitions in recent years have included: Medical Money Management in 2017, Ferguson Oliver in 2019, Nestor Financial Group in 2020 and Principal & Prosper Limited and Cameron Chase in 2021.
Chase de Vere CEO Kathleen Gallagher said: “This was a very challenging year for many people and I’m incredibly proud of how everybody at Chase de Vere came together in line with our ‘OneTeam’ philosophy to support each other and to focus on providing the best levels of service for our clients.
“This has been hugely appreciated by our clients, as reflected in our Net Promoter Score of 65.9 in 2022 (which has since increased to 67.5), achieved as it has been over a period when inflation has soared, and investment markets have been disappointing. This feedback from our clients is further endorsed by our ‘Excellent’ Trustpilot rating of 4.9.
“I’m also really pleased with how well the companies that we’ve acquired previously have integrated into Chase de Vere and made such a positive contribution. We didn’t make any acquisitions in 2022. We will only look to join forces with like-minded firms which believe in the value of independent financial advice and whose overriding consideration is the best interests of their clients. We are actively looking to make further acquisitions in 2023.”
Chase de Vere was established in 1969 and is a national firm of independent financial advisers with 17 offices across the UK. The Company provides independent financial advice and planning services for private individuals and businesses.
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