Mr Nicol will step down from his role as chief executive on 14th June 2020 after eight years and will remain with the group for a transitionary period until 29 July 2020.

He said: “It has been a great privilege to lead Brewin Dolphin. After seven years as chief executive, and with the business well-positioned for the future, I feel that now is the time for me to hand over to my successor. I am very pleased with the selection of Robin and I have every confidence in his future leadership.”

Currently responsible for Brewin Dolphin’s intermediaries, charity, professional services and digital businesses, Mr Beer has over 20 years of experience in the financial services industry, and broad knowledge of the wealth management sector, with prior roles at National Australia Bank, Gerrard and Barclays.

He joined Brewin Dolphin in 2008 to open and run the Nottingham office then subsequently assumed the role of regional director across the Midlands. In 2013 he took charge of the intermediaries’ business, which has become sector-leading under his leadership, and grown funds under management to over £14 billion.

Mr Beer joined the executive committee in 2016, with further responsibilities for research, investment governance and the development of investment solutions, which has provided him with a deep understanding of Brewin Dolphin.

Robin Beer said: “I am delighted to be chosen to lead the business at this juncture and I look forward to continuing to build on David’s achievements to drive the business through its next phase of development.”

Simon Miller, chairman, said: “On behalf of the board, I would like to thank David for his outstanding contribution to Brewin Dolphin’s success. He has demonstrated great professionalism, re-focused the group’s strategy, improved the quality of the organisation and built a strong team.

“Under his leadership, Brewin Dolphin has seen funds under management almost double from £26.0bn to £48.5bn. Our client proposition has deepened, we have invested in our office network, and both client satisfaction and employee engagement are at record levels.

“At the same time, we are delighted to announce Robin’s appointment as David’s successor. Robin understands both the broad landscape in which we operate and has a deep knowledge of our business and culture. Since joining the executive committee in 2016, he has been a key member of the executive team and is the ideal person to continue the execution of our successful strategy, while sustaining and nurturing our well-established client-focused approach.”

The announcement comes as the company released a trading update for the first quarter of its financial year ending 30 September 2020.

The update revealed that the company’s total funds increased by 7.8% to reach £48.5bn, whilst discretionary finds increased by 4.2% to £41.8bn. At the same time, total quarterly income amounted to £89.6 million, an increase of 15.3%.

Commenting on the results, Mr Nicol added: “I am pleased with our performance in the quarter, particularly our positive organic net inflows in challenging market conditions. We have diversified our business mix through building more client choice and client-centric propositions, which is supporting our growth.

“We remain on-track with the implementation of both our new client management system and core custody and settlement system. The integration of our acquisition in Ireland is progressing well and we remain confident about the long-term growth opportunities. Market sentiment appears to be improving and we look forward to capitalising on this as the year progresses.”