The firm, ranked eighth in the Accountancy 2016 league table, says the increases are down to growth across the broad base of the business, led by its investment arm.

The tax and business services side posted double digit growth in adjusted operating profit of 19.3% to £10.5m (2016: £8.8m). Smith & Williamson said this was driven by improvements across all business lines, with particular successes in the firms’ private client tax, restructuring and recovery, forensics and fund administration teams.

Kevin Stopps, co-chief executive of Smith & Williamson and managing partner of tax and business services, said: ‘We are delighted by the momentum in the business, which has been building over the past few years as our significant and ongoing investment programme starts to bear fruit.

‘By continually improving our infrastructure and making key strategic hires to support the broadening of our services, we are well placed to further consolidate our position as a leading independent financial and professional advisor to private clients and their business interests.’

On the investment management and banking side, the firm now has £18.8bn funds under management and advice, a growth of 17.5% over the previous year, and £9.2bn of funds under administration, up 39.4%. The division’s adjusted operating profit rose 21.2% to £32m (2016: £26.4m) in the year.

David Cobb, co-chief executive of Smith & Williamson and managing partner of investment management and banking said: ‘The outlook for the coming year is marked by a heightened sense of political and economic uncertainty. While this may impact stock market levels, we believe we are very well positioned to help clients navigate these uncertainties and take advantage of any opportunities that may arise.’