Mattioli Woods plans to double its intake of trainee advisers as it expects demand for specialist advice to increase.
In a trading update published today (January 9), the wealth and asset manager said it plans to address the ‘advice gap’ highlighted by the FCA by expanding the training capacity of its adviser academy.
elsewhere, despite difficult market conditions the firm reported that revenue was up 8 per cent to £59.1mn for the six months ended November 30, 2023.
The firm also reported a 22 per cent increase in new business enquiries.
Ian Mattioli, chief executive at Mattioli Woods, said: “We enjoyed particularly strong growth within our core pension consultancy and employee benefits business segments, with the proposed changes to pension and tax rules announced in the chancellor’s recent Autumn Statement driving strong demand for advice.”
Group client assets sat at £15.2bn with a £155mn reduction in assets attributed to ‘downward market movements’.
According to the firm it has a pipeline of bolt-on acquisitions which it plans to review as consolidation in the sector continues.
In April 2023, the wealth manager bought 100 per cent of the share capital of financial planning business, Doherty Pension & Investment Consultancy for a consideration of up to £15mn.
While more recently in September 2023, Mattioli Woods subsidiary Ludlow Wealth Management Group purchased Opus Wealth Management for £0.71mn.
Interim results for Mattioli Woods will be announced on February 6 2024.
alina.khan@ft.com
