Brewin Dolphin has reported a drop in discretionary net funds inflows over the year to the end of September, though total net funds grew 5% to £45bn.
Discretionary net inflows fell to £1.4bn from £2.3bn in 2018, representing a 3.7% annualised growth rate. However, gross outflows reduced to £1.2bn from £1.3bn last year.
Profit before tax and adjusted items also came in 3.2% lower than last year, though total income for the period increased by 3.1% to £339m.
The drop in profit was partly due to the 5.3% increase in total costs for the year, which stood at £266m. This was the result of planned spending on growth initiatives and infrastructure projects.
These have included two key investments in technology - a new client management system Client Engage and the appointment of Avaloq to replace the group's core custody and settlement system.
The group has also invested in improvements to its MyBrewin client portal, releasing a new app for phones and tablets.
Another project that is on the way is the planned move to a new London officer opposite St. Paul's Cathedral, which will take place in 2022 to accommodate the group's planned expansion.
Commenting on the annual results, CEO David Nicol said: "I am very pleased with our financial performance, particularly over the second half of the year. The group has continued to deliver strong and resilient organic growth, against the continued uncertain economic and political backdrop.
"This is demonstrated by the strength of our discretionary funds flows. Our strategy of focusing on our advice-led wealth management service continues to deliver results.
"We continue to invest in our business to support future long-term growth. We have completed and integrated a number of strategic acquisitions and the replacement of our core custody and settlement system is on track.
"These initiatives are laying the foundations for long-term growth and will ensure that we are well placed to capture future market opportunities."