Spanish independent financial advisers saw their client base jump in the year to June 2011.

Figures from Spanish regulator, the Comisión Nacional del Mercado de Valores, show that Spanish independent financial advisers increased their client numbers by half in the 12 months to the end of Q2 last year. Assets under advice increased 8.88% in the same period.

According to official records, there are just 85 registered Empresas de Asesoramiento Financiero Independiente (EAFI) in Spain.

The bulk of adviser assets are held for professional clients. Pension funds and other professional clients account for 81% of the €17.2 billion now under EAFI advice.

The number of professional clients now stands at 127, a 40% increase in the first half of 2011. Whilst the number of such clients rose, their total investments held with EAFIs fell 3.71% over the period.

The sector has just 3,635 individual clients, most of whom have investments up to €600,000. CNMV figures show that EAFIs have just 123 clients with assets greater than €3 million.

The EAFI sector earned €30 million in revenue in the first half 2011, an increase of 110%. Most of their income was derived from client fees.

€4.8 million, around 15%, of their income was generated from commission payments. CNMV figures suggest that commission-based retrocesiones doubled in the first half.