Brewins' move to turn off trail weighs on revenues

Brewin Dolphin felt the impact of removing trail commission in its latest results, with non-core income falling by 40% in the final quarter of 2013.

The group saw its non-core income fall to £5.9m in the three months to 29 December, compared to £9.9m to 31 December 2012.  The firm blamed the switching into non-trail-paying fund units, in line with the FCA's RDR guidance banning the practice. However, total income still rose by 6.5%, up from £65.4m to £69.6m over the same time periods.  Core income rose by 15% to £63.8m, with fees up 19.2% and commissions up 7.9%. The firm also said it continues to move clients from its advisory business into its discretionary business. "The strategy of focusing on our discretionary servic...