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Realisingambitions, Creating Value Brewin Dolphin Holdings PLC Brewin Holdings Dolphin Annual Report and Accounts 2016 Realising ambitions, Creating value Annual Report and Accounts 2016 As a leading UK wealth manager, we exist to protect and grow our clients’ wealth. Our Annual Report 2016 explains how we are realising ambitions – for ourselves, our clients and our shareholders. Visit our corporate website for more information: https://www.brewin.co.uk In this report STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 01 Realising ambitions 50 Chairman’s Introduction 104 Consolidated Financial Statements 12 2016 Highlights 52 Board of Directors 114 Notes to the Financial Statements 14 Our Business Today 54 Corporate Governance Statement 16 Our Business Model 60 Committee Reports OTHER INFORMATION 18 Understanding Our Market 74 Directors’ Remuneration Report 161 Five Year Record 20 Chairman’s Statement 95 Other Statutory Information 162 Appendix – Calculation of Key 22 Chief Executive’s Review 99 Statement of Directors’ Performance Indicators 28 Our Strategy Responsibilities 163 Shareholder Information 30 Key Performance Indicators 100 Independent Auditor’s Report 164 Branch Address List 33 Principal Risks and Uncertainties 38 Financial Review 46 Corporate Responsibility Realising ambitions By helping clients to realise their financial ambitions, we can realise our own ambitions to grow the business and deliver sustainable returns for shareholders. brewin.co.uk 1 Our talented and knowledgeable people are delivering the right services and expertise across the country to help clients reach their goals. Our eight key enablers allow us to work with our clients to realise their ambitions: A focused strategy for growth Using technology to support relationships Investing in talent An evolving proposition based on trust We’re always there for our clients Building long-term relationships Client-focused leadership A progressive business with a distinctive culture 2 Brewin Dolphin Holdings PLC 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. brewin.co.uk 3 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. 4 Brewin Dolphin Holdings PLC 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. brewin.co.uk 5 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. 6 Brewin Dolphin Holdings PLC brewin.co.uk 7 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. 8 Brewin Dolphin Holdings PLC 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. brewin.co.uk 9 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. 10 Brewin Dolphin Holdings PLC Creating value Our personalised approach to client service, combined with the expertise of our professionally qualified staff, enables us to create value, both for ourselves and our clients. brewin.co.uk 11 2016 Highlights1 To read about the key performance indicators we use to measure our strategic progress turn to page 30. Total income (£m) Adjusted2 profit Statutory profit before tax (£m) before tax (£m) £282.4m £61.0m £50.1m 283.7 62.2 61.0 50.1 282.4 61.0 280.8 58.4 6.8 2014 2015 2016 2014 2015 2016 2014 2015 2016 Adjusted2 PBT margin (%) Adjusted2 earnings Earnings per per share – diluted3 (p) share – diluted3 (p) 21.6% 16.8p 13.9p 21.9 17.1 17.1 21.6 16.8 13.9 20.8 16.0 1.9 2014 2015 2016 2014 2015 2016 2014 2015 2016 12 Brewin Dolphin Holdings PLC STRATEGIC REPORT STRATEGIC GOVERNANCE Discretionary funds (£bn) Discretionary funds Discretionary funds by portfolio by client type size (£m) £28.9bn FINANCIAL STATEMENTS 28.9 Banding 24.0 24.8 58% Direct private 3% <0-0.15 clients 27% 0.15-0.50 26% Intermediated OTHER INFORMATION private clients 22% 0.50-1.00 10% Charities 31% 1.00-5.00 6% Corporates 17% >5.00 2014 2015 2016 Dividend payout ratio (%) Full year dividend (p) Cash (£m) 77% 13.0p £170.8m 77 13.0 170.8 12.0 149.8 135.1 9.9 70 62 2014 2015 2016 2014 2015 2016 2014 2015 2016 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. 3 See note 15. brewin.co.uk 13 Our Business Today A scalable platform for growth Our rich heritage and reputation for trust, integrity 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 FTSE 250 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 1,583 investment management. Our success is built employees 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 28 Funds offices PI Direct private individuals £19.2bn Private individuals via PI £7.5bn intermediaries CO Corporates £2.6bn CH Charities £3.1bn Total core1 funds £32.4bn 1 Discretionary and execution only funds. 14 Brewin Dolphin Holdings PLC STRATEGIC REPORT STRATEGIC GOVERNANCE Our services The table below outlines the services provided by the Group. FINANCIAL STATEMENTS Core services Available to Wealth Management PI Integrated approach to protecting and growing wealth that combines both Financial Planning and Investment Management. OTHER INFORMATION Investment Management PI PI CH CO Designed for clients who want to benefit from a personal focus on their investment portfolio but do not require financial planning. Financial Planning PI This service helps address our clients’ wider financial planning needs including advice on investment, protection or retirement requirements. Managed Portfolio Service (‘MPS’) PI This service is provided for financial advisers who offer a suite of risk rated model portfolios designed for their clients who do not require, or for whom it is not cost effective, to have a personalised solution. Brewin Portfolio Service (‘BPS’) PI A cost effective service for clients with smaller sums to invest who do not need advice. It combines the investment expertise of Brewin Dolphin with the freedom for individuals who are happy making their own risk decisions and investment choices. It gives access to six risk rated portfolios which are primarily invested in passive funds. Execution Only PI CH CO Custody, trade execution and settlement services for clients who have no need for advice and prefer to make their own investment decisions. This service is limited and we no longer provide it on a standalone basis to new clients. Non-core services Advisory PI CH CO The service provided is either ‘Advisory Managed’, where we provide advice on both the structure of the portfolio and the individual investments within it, or ‘Dealing with Advice’ where advice is provided on a transactional basis only. We no longer offer this service for new clients, other than on an exceptional basis. brewin.co.uk 15 Our Business Model Designed for growth Our business model is underpinned by our strategy, risk management framework and our high standards of corporate governance. 1 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.
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