Brewin Dolphin's revenue has been impacted by its well-flagged move to a transparent pricing model.
In a trading update covering the final three months of 2013 - the firm's first quarter - Brewin said 'other non-core' income declined by 40.8% from £9.9 million to £5.9 million 'due to the on-going switch to non-trail paying fund units in line with guidance'.
Meanwhile strength in its discretionary business, which experienced an inflow of £0.3 billion in the quarter, combined with advisory and execution only services, powered a 15% increase in core income to £63.8 million.
Overall income across the group, led by chief executive David Nicol (pictured), was 6.5% higher at £69.6 million.
'Income growth driven by good investment performance, on-going new client inflows to our discretionary service and the benefits of a transparent pricing structure,' the firm said.
Total funds under management rose from £34.9 billion to £36 billion over the three months with discretionary assets 4.2% higher.
Brewin Dolphin is confident it can have a good 2014.
'Our outlook remains positive as we continue to implement our transformation and growth strategy for the business,' it told the stockmarket.
'Continuing improvement in equity market conditions, allied to the increasingly encouraging outlook for the broader UK economy gives us growing confidence that successful implementation of our strategy will create long term value for both our customers and our shareholders.'