Total income at Brewin Dolphin for the final three months of 2012 fell by 5% on the quarter as trail income fell ahead of RDR implementation.
Reporting results for the final quarter of last year, Brewin said total income rose by 13.7% over the period compared with a year previous, up from £59.7m to £67.8m.
The 5% quarterly fall was "primarily due to the ongoing reduction of trail income in preparation for RDR implementation," the group said in a statement.
With funds under management rising 0.4% to £26bn, Brewin said the trend towards an increasing proportion of recurring fee income is continuing, albeit at a marginally slower pace, while its repricing and moving to new national rate cards saw "progress [that] was slower than anticipated".
"The recovery in the commission levels from the sharp falls experienced in the first quarter of the last financial year has stabilised and first quarter total commission income was in line with the average for the final two quarters of the previous financial year," the group said.
Brewin said it is now in a period of consolidation after the expansion of recent years, and future efforts to improve the business would encompass "a programme of organisational efficiency, underpinned by rigorous and disciplined cost control".
Lack of innovation for solutions
Some 2,000 consumers affected
Achievements, charity work and other happy snippets
Appetite has suffered since Brexit vote
'Failure to pay attention can result in enforcement'