Brewin Dolphin clients keep faith with the stock markets

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"It's hard to make a call on where markets are going in the short-term," admitted Matheson. "But in the long-term, equities will still prove a good investment.

"Britain has to be grateful that it's not in the euro and the conduct of Mr Cameron and Mr Clegg so far is most impressive."

However, he warned the new Government that his clients will be looking closely at its planned changes to capital gains tax.

"This is essentially a voluntary tax and the closer it gets to high-rate income tax the less revenue it is likely to generate," he said.

Brewin Dolphin's profits rose 37% to £15.2 million in the six months to the end of March with assets under management up from £20.5 billion to £23 billion in the last half year.