Mattioli Woods is looking to train more advisers as it moves to grow its adviser training academy.
In its final results for the year ended May 31, 2023, the firm said it was expanding the capacity within its adviser academy to train a greater number of advisers each year.
It said this was to capitalise on the current ‘advice gap’ and drive strong organic growth in its financial planning and specialist pension consultancy businesses.
Elsewhere, Mattioli Woods saw its revenue increase by 2.8 per cent to £111.2mn, up from £108.2mn during the same period last year.
It was driven by a combination of continued organic revenue growth of 3.7 per cent to £75.7mn, partially offset by the market impact on ad valorem, placement and performance fees.
The firm said positive contributions from acquisitions up 0.7 per cent to £35.5mn and increased total value of new client wins up 14.6 per cent also had an impact.
Elsewhere, it reported that total client assets of the group and its associate also grew 2.7 per cent to £15.3bn, up from £14.9bn in 2022.
Ian Mattioli, chief executive officer, said: “The last few years have been complex for our clients.
“This has reinforced our commitment to putting clients first and developing our service offering. We are building a business that is sustainable and ethical, but resilient over the long term, and I am pleased to report this approach has delivered revenue growth.”
Mattioli said it is progressing other strategic initiatives, including the roll-out of a group-wide client relationship management system Xplan.
“We are confident in the resilience of our business model and excited by the opportunity to accelerate growth and make meaningful progress towards our strategic goals,” he said.
“While inflationary cost pressures and investment in our strategic initiatives may impact margins in the short term, we are confident that we will continue to deliver attractive, long-term sustainable shareholder returns.”
Earlier this year, Mattioli Woods bought 100 per cent of the share capital of Doherty Pension & Investment Consultancy for a total consideration of up to £15mn.
Doherty's is a large financial planning and wealth management business in Northern Ireland, with specialist pension expertise and a discretionary investment management offering.
“Our focus remains on delivering great client outcomes,” Mattioli said. “We have continued to develop our client proposition, reviewing the range of investment management options we offer and identifying opportunities to enhance the proposition and realise revenue synergies across the group.
“The implementation of consumer duty regulations brings a welcome focus to the value that clients derive from the various services we offer and accords with our principles of integrity and professionalism.”
The firm said previously acquired businesses are integrating well.
It has “a strong pipeline” of bolt-on acquisition opportunities to assess, as well as potentially more substantial opportunities in the longer term.
“We plan to build on our track record of successful acquisitions by continuing to assess and progress opportunities that meet our strict criteria,” he added.
