Murphy Wealth, which last year took on investment from Söderberg & Partners with the Swedish financial advice group acquiring a 30% stake and Adrian Murphy retaining a 70% holding, said its assets under management were £280 million at April 30.

It noted this was up by 27% from £220m on April 30 last year.

When Mr Murphy acquired the business from his father eight years ago, assets under management were around £50m.

Murphy Wealth reported that its turnover rose by 20% to nearly £3m during the year to April 30.

The firm said its record results were “delivered by the combination of a successful investment strategy and more entrepreneurs exiting their businesses” among its client base.

Murphy Wealth, which will celebrate its 50th anniversary next year, plans to increase its workforce from 13 to 17 by the end of the summer. All of its staff are based at Sutherland House in Glasgow.

Detailing the involvement of Söderberg & Partners, Murphy Wealth said: “On top of its direct business, the Swedish group operates as a long-term minority investor in financial planners across the UK and Scandinavia, without getting involved in their day-to-day operations.

“As part of the investment, firms are provided with access to Söderberg & Partners’ technology and systems, including AI (artificial intelligence) and machine learning tools. That gives their leadership teams more freedom and resources to invest in their operations and people, while advisers have more time to spend with clients.”

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Mr Murphy, chief executive of Murphy Wealth, said: “The beauty of the deal with Söderberg is that it has allowed us to do what we do well: focus on human-first financial advice. After a year of integration and alignment, the next 12 months will be about implementation. Access to the group’s technology and systems will help us be more efficient and spend more time with our clients, supporting them with their financial objectives.

“Over the last year, we’ve seen more entrepreneurs and senior members of the business community reach the point where they have exited their companies. As a result, our team has spent a lot of time working with them and their families to advise them through that process, setting them up financially for the long term.”

He highlighted Murphy Wealth’s ambitions for further expansion.

Mr Murphy said: “We know what we do is hugely important to people, and that’s why we’re focused on providing the best possible service to our clients. Continuing to grow and increasing our capacity is key for us in the year ahead, but it’s equally imperative that we maintain the same standards, service, and hyper-personal touch we have always had. The technology we now have access to will help facilitate that.”

Highlighting Murphy Wealth’s progress since it started nearly 50 years ago, he added: “The firm has come a long way since it was founded nearly half a century ago – and that has really accelerated in recent years. There is always more to do, but we’re in a really good place and want to continue to push, innovate, provide a great place to work, and stand out in the market.”