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Rathbones to expand financial planning presence

Rathbones to expand financial planning presence

Rathbone Brothers will expand its financial planning team across a wider range of regions as it looks to pass £40 billion in assets over 2018. 

The move will add £1.5 million in costs to the company, according to financial results published this morning. 

Since the acquisition of network Visions Independent Financial Planning in 2015 Rathbones has grown its advice arm. In a statement in financial results covering 2017, Rathbones chief executive Philip Howell (pictured)  said: 'This year we deliberately invested in establishing the right infrastructure to support our internal financial planning teams and further develop the proposition. 

'We are now able to expand its footprint across more of our regional offices over the next year and expect to increase the number of professional staff in 2018.'

Assets under advice at Vision grew from £1 billion in 2016 to £1.4 billion at the end of last year. Rathbones did not reveal how much money the financial planning division made, but in the financial results fees from advice and 'other income' accounted for £14.8 million of revenue last year, compared to £12.5 million in 2016. 

Across the whole company Rathbones recorded a pre-tax profit of £58.9 million in 2017 as assets hit £39.1 billion. The previous year it posted a pre-tax profit of £50.1 million with assets of £34.2 billion.

Howell said he was 'encouaraged' that the long term goal of reaching £40 billion in assets under management was in sight. 

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