Chase de Vere, the national firm of Independent Financial Advisers, has produced its Annual Report & Financial Statements for the year ending 31 December 2022, and these have been forwarded to Companies House for publication.
The Company recognises the challenging economic backdrop, and the effect this has on many clients and employees. It has therefore focused its efforts on supporting both groups as much as possible.
For clients, this has involved providing a proactive and attentive independent financial advice service, with increased levels of ongoing client contact throughout the year. The company also invested in its Investment Management Team, enlarging the team and increasing their research capability and resources.
For employees, the Company has introduced additional professional development support, including the establishment of Adviser and Paraplanner Academies and a Management Development Programme, leveraging on their company-wide ‘OneTeam’ philosophy, and revised employee remuneration structures with a particular focus on supporting lower paid employees.
The proactive approach adopted by the Company has resulted in impressive client feedback and a 5% increase in client numbers, boosted by referrals from existing clients, the continued growth of medical and other affinity relationships, and an impressive contribution from the acquisitions that the Company has made in recent years, including Medical Money Management in 2017, Ferguson Oliver in 2019, Nestor Financial Group in 2020 and Principal & Prosper Limited and Cameron Chase in 2021.
As a result, the Company’s operating profit increased from £23.59 million in 2021, to £27.27 million in 2022, while turnover rose from £102.46 million to £107.09 million.
Kathleen Gallagher, Chief Executive Officer, Chase de Vere, said: “This was a very challenging year for many people and I’m incredibly proud of how everybody at Chase de Vere came together in line with our ‘OneTeam’ philosophy to support each other and to focus on providing the best levels of service for our clients.
“This has been hugely appreciated by our clients, as reflected in our Net Promoter Score of 65.9 in 2022 (which has since increased to 67.5), achieved as it has been over a period when inflation has soared, and investment markets have been disappointing. This feedback from our clients is further endorsed by our ‘Excellent’ Trustpilot rating of 4.9.
“I’m also really pleased with how well the companies that we’ve acquired previously have integrated into Chase de Vere and made such a positive contribution. We didn’t make any acquisitions in 2022. We will only look to join forces with like-minded firms which believe in the value of independent financial advice and whose overriding consideration is the best interests of their clients. We are actively looking to make further acquisitions in 2023.”
