Realising ambitions,
Creating value

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A focused strategy for growth

We continue to grow our core revenue by expanding the proportion of the wealth we manage for increasing numbers of clients. That's why we focus on giving our people the support and systems, confidence and capacity they need to increase both the value and number of our client relationships.


Using technology to support relationships

We are constantly seeking new ways to improve client and intermediary relationships. Technology is increasingly underpinning the streamlined support that allows our advisers to spend more time with clients. We’re creating new portals, apps and communication channels to give clients and agents an expanding range of contact options to meet every requirement.


Investing in talent

Providing high-quality advice and consistently doing more for clients is what drives our people to excel. So we enable them to be as good as they can be, investing in their learning and development. By ensuring they’re highly engaged and well rewarded, we can rely on their commitment and expertise for the long term.


An evolving proposition based on trust

Clients’ needs and ambitions evolve over time, influenced by changing circumstances and shifting economic trends. We're there to track every change, drawing on our flexible business model, market-leading research and innovative culture to ensure our advice is constantly relevant and tailored to their needs. That’s how we earn and preserve our clients’ trust.


We’re always there for our clients

As many other companies withdraw from the advice market, our network of 28 offices across the UK, the Channel Islands and the Republic of Ireland makes it easy for clients and prospects to drop in for face-to-face meetings with our advisers. It’s how we build and sustain close relationships with individuals and communities.


Building long-term relationships

Our approach revolves around creating sustainable value through mutually rewarding relationships that deliver what clients and shareholders are looking for. That’s why we take time to thoroughly understand every client’s goals and ambitions. Only when we have a complete picture of what they want to achieve with their wealth are we ready to offer expert tailored planning and advice.


Client-focused leadership

Our Executive Committee ensures that client needs are at the forefront of our business thinking. By including client-facing specialists, who together represent all disciplines, we have shortened lines of communication to ensure our most senior strategic decision-makers are constantly focused on client needs.


A progressive business with a distinctive culture

Our business has been evolving for over 250 years. Built on trust and integrity, our culture helps us focus our collective skills and knowledge on continually seeking to improve our services for our clients. As we advance and innovate, our values guide us in growing and protecting our clients’ wealth in a way that helps them achieve their ambitions.


2016 Highlights1

  1. Continuing operations.
  2. These figures have been adjusted to exclude redundancy costs, FSCS levy rebate, onerous contracts, one-off migration costs, amortisation of client relationships and disposal of available-for-sale investment – see page 42 of the Annual Report.
  3. See note 15 on pages 129 & 130 of the Annual Report.

Shaping the future

“2016 was another year of achievement for Brewin Dolphin. We continued to implement our client-focused strategy, which aims to increase shareholder value by growing revenue and improving operational efficiency.”

Simon Miller

Download Statement

An ambitious strategy for growth

“We always need to give sound advice and manage people’s affairs appropriately to achieve good outcomes for them that match the needs-based targets they have set us.”

David Nicol
Chief Executive

Download Review

Our vision is to become the UK’s leading provider of personalised wealth and investment management services, delivering rewarding careers and sustainable shareholder returns.

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Revenue growth – grow the business in both absolute and market share terms, by increasing the number of clients and the proportion of their wealth that we manage.

What we said we would do

  • Introduce multiple new initiatives to achieve or exceed 5% annual net inflows target.
  • Develop new marketing and promotional ideas to attract new clients.
  • Develop strategic national relationships with selected intermediaries.
  • Work on understanding the views of clients.
  • Launch Professional Services proposition to support direct private client growth.

2016 progress

  • Achieved £2.7 billion gross inflows into our core business, including £0.9 billion gross inflows from intermediaries and £0.5 billion of funds into our model portfolios. Net inflows of 4.4% were impacted by the effects of prior year restructuring.
  • Developed the business development capabilities of our people through focused training initiatives and acted to enhance employee engagement levels.
  • Invested in high quality hires.
  • Launched the first professional services propositions.
  • Ran content-led and event-based marketing campaigns supporting our needs-based proposition.
  • Updated visual brand identity.
  • Conducted a client satisfaction survey.

Future focus

  • Further new services targeting range of discrete segments, based on client and intermediary research.
  • Continued investment in client-facing new hires.
  • Actively develop our already strong intermediary relationships.
  • Further training in business development capabilities for our people.
  • Continued investment in technology to ease accessibility for clients.


Improved efficiency – maintain an efficient operating model enabling investment, developing productivity and sustaining competitive pricing.

What we said we would do

  • Implement enhanced portfolio management systems.

2016 progress

  • Upgraded portfolio management and order management systems to reduce time spent on administration and maximise time with clients.
  • Roll out of new system for our financial planning business and implementation of new HR and financial reporting systems.
  • Increased instances of straight through processing in internal systems and simplified reconciliations by restructuring custody and settlement arrangements.
  • Automation of unit trust settlement to increase efficiency.

Future focus

  • Investing in technology and process improvement to increase efficiency and reduce costs.


Capital sufficiency – maintain sufficient capital to maximise opportunities and cover risks.

What we said we would do

  • Evaluate opportunities for further investment in the business.

2016 progress

  • Capital sufficiency maintained to enable investment opportunities and provide comfort during periods of uncertainty.

Future focus

  • Continue to maintain capital at a level that enables investment in emerging opportunities from a position of strength.


Dividend growth – grow our dividend in line with earnings.

What we said we would do

  • Maintain the current dividend policy with a target pay out ratio of 60% to 80% of adjusted diluted EPS.

2016 progress

  • Dividend pay out ratio of 77% of adjusted diluted EPS.

Future focus

  • Continue policy of target payment of 60% to 80% of adjusted diluted EPS to ensure we grow our dividend in line with earnings.

Our business model is underpinned by our strategy, risk management framework and our high standards of corporate governance.

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How we meet our clients’ needs

We seek to employ and develop the best people throughout our network of local branches to help both our clients manage the financial complexities of life and financial intermediaries to fulfil their responsibilities to their clients.

Brewin advice

Our people take time to establish strong client relationships based on a full understanding of individual circumstances. This enables us to build a tailored financial solution.

This may include our integrated wealth management service, just financial planning or just our investment solutions, depending on client needs and how they access our services.

Investment solutions

We are an independently owned business with no in-house funds, which means we can look across a wide range of financial products to choose the best and most appropriate options from the market place.

Our direct portfolios and our model portfolio services are underpinned by our award winning in-house research as well as our firm-wide asset allocation framework.

How our clients access our services

How our clients access our services

How our business creates value for ourselves and our clients

For Brewin Dolphin

We earn income for services based on the amount of funds we manage, fees we charge for financial planning or the investment business we transact on our clients’ behalf. Our personalised approach to client service combined with the expertise of our professionally qualified and experienced staff demonstrates the value of our services and helps us earn the trust of clients and create loyal client relationships.

This creates value to the business through the generation of new leads via referrals and brand enhancement.

For Clients

Clients with advice

We help clients to achieve their long-term goals by managing their wealth for key stages in their life such as retirement. Every client is different so we individually assess their needs and develop personalised plans.

We guide them through today’s highly complex financial services environment, helping them nurture their wealth in the most tax-efficient manner we can.

Clients without advice

Our Brewin Portfolio Service gives clients a low-cost alternative to the full wealth management service whilst enabling them to still benefit from the research and investment expertise of Brewin Dolphin.

The service is simple to access and each portfolio includes a diverse mix of investment funds chosen by our specialised teams to deliver a measured exposure to stock market risk.


Both our discretionary investment management service and model portfolio service allow intermediaries to effectively outsource the investment management of their clients' portfolios whilst retaining secure access to portfolio valuations and having regular close contact with us.

Our national business development team and network of offices mean we can service advisers and their clients face-to face across the UK.

How this value is reinvested in the business to drive growth

The value we create generates additional capacity for us to invest further in our business. You can read more about our strategy on page 28 of the Annual Report.

Resources and relationships

We rely on our resources and relationships in order to run our business. We actively engage with our stakeholders throughout our business cycle:


Our strength is in our 1,583 people, both client-facing colleagues and those who provide support to them. We have a strong commitment to development and we use initiatives like the employee engagement survey to understand what is working well and what can be improved.


We help to protect and grow wealth for our clients and maintaining close personal relationships with them is key to our business.


We engage with our shareholders and potential investors at external events such as AGMs and roadshows.


We actively engage with our suppliers at different stages of our business model, which ensures commitment and transparency of all parties.


We ensure a regular dialogue with regulatory bodies and can therefore adapt to the changing regulatory landscape and identify where these changes can provide an opportunity for the business.

Our rich heritage and reputation for trust, integrity and service and service alongside our regional presence provides a strong platform from which we can grow our business.

Who we are

Founded in 1762, Brewin Dolphin is a leading independently-owned UK wealth manager. We are listed on the London Stock Exchange, and are a member of the FTSE250 index. We take an integrated, advice-led approach to protecting and growing our clients’ wealth by combining our experience and expertise in financial planning and investment management. Our success is built upon our belief in the importance of long-term client relationships and our commitment to a highly personalised and high-quality service.

Who our clients are

Our business today clients
Our business today map


People are having to become increasingly self-reliant regarding their financial futures, seeking solutions that suit them in areas including retirement provision and planning for long-term care.

Changing consumer demands

Clients are increasingly requiring outcome-oriented solutions that enable them to fulfil their personal ambitions rather than focusing solely on investment performance.

Competitive environment

Our industry remains fragmented and continues to see new entrants as well as withdrawals from some competitors.

An ageing population

A larger number of people are approaching or entering periods of long retirement who may have benefited from generous pensions and rising house prices.

Low interest rates

Within the continuing environment of exceptionally low interest rates, people require more guidance on how to gain an adequate return from their savings.

The advice gap

The FCA encourages innovation to meet the needs of customers failing to access advice for cost, trust and knowledge reasons.

Increasing consumer freedom

The introduction of new pension freedom rules and other changes have increased complexity and more people are seeking advice.

Regulatory change

Increasing regulatory change within the investment and wealth management sector results in higher costs of compliance across the industry.

Technological change

Increasing numbers of people wish to use digital channels to engage when, where and how they choose.


To be known for providing an integrated set of services that help meet an individual’s full set of financial planning and investment needs.

Changing consumer demands

More people are seeking advice-led, goal oriented propositions rather than pure investment management.

Competitive environment

People are looking for consistent and trusted advisers to build long-term relationships with.

An ageing population

A growing number of people require an advice-led solution to protect and grow their substantial personal wealth.

Low interest rates

Growing numbers of people require advice to be able to generate sufficient returns within their risk appetite.

The advice gap

To introduce new ways of meeting the needs of more people.

Increasing consumer freedom

To be recognised as providing high-quality advice that enables people to extract the greatest possible value from their pensions and other assets.

Regulatory change

To capitalise on our scale to efficiently absorb the increased costs of compliance.

Technological change

To provide clients with a range of easy-to-use communication channels that match their preferences and complement our emphasis on face to-face relationships.


Our advice-led proposition supports long-term relationships and enables us to help clients fulfil their long-term goals.

Changing consumer demands

We build and sustain long-term relationships with clients that enable us to understand and respond to their changing needs.

Competitive environment

To leverage our reputation as a long-standing wealth manager to attract a growing number of clients.

An ageing population

Our advice offers tailored solutions to meet these needs.

Low interest rates

Our outcome oriented advice-led solutions allow us to adapt to clients’ needs in changing external environments.

The advice gap

We focus on innovation to develop better ways of serving clients through refining our services.

Increasing consumer freedom

We ensure through recruitment and development that our people are of an industry-leading quality and expertise, so they are able to advise on complex needs.

Regulatory change

Our scale means that we are able to absorb the costs of regulatory change within our operating model and allocate appropriate resources.

Technological change

In 2016, we introduced several technological improvements including automated onboarding and client self-service on our Brewin Portfolio Service. We are continuing to develop a range of digital channels across our business.

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