Mattioli Woods has seen an increased demand for advice following chancellor Jeremy Hunt’s proposed pension and investment reforms.
In its interim results published today (February 6) the wealth and asset manager said market conditions and Hunt’s proposals from the Autumn Statement have driven more clients to seek financial planning help.
The firm has also grown its adviser academy to 148 consultants for the six months ended November 2023.
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.
It also said an increase in new business was partially offset by a reduction of group client assets to £15.2bn.
Ian Mattioli, chief executive of Mattioli Woods,said: “The group's improved organic growth resulted from a combination of clients' demand for advice and proactive communication by advisers, with a 13 per cent increase in the value of new clients on boarded in the first half versus the equivalent period last year.”
According to the firm it has a pipeline of bolt-on acquisitions and will also continue to invest into its adviser academy training programme.
The results added: "The chancellor's Autumn Statement created further demand for advice following the announcement of a range of proposed reforms to pensions tax relief to encourage workers over 50 to extend their working lives, including increasing the annual allowance, removing the Lifetime Allowance charge and freezing lump sum limits.
"While another UK general election within the next 12 months creates uncertainty around the future direction of pension reforms and UK tax rates, there are many financial planning opportunities for our clients to consider now, with any future changes to the tax regime expected to create further demand for our advisory services."
Last month (January 15) Mattioli Woods announced it was partnering with T Rowe Price to develop an income model portfolio.
The portfolio capitalises on income producing assets and complements Mattioli Woods’ existing income strategies and multi-asset portfolios.
Commenting at the time, Dean Cheeseman, managing director of client investment solutions at Mattioli Woods, said: "Through our partnership, our clients will benefit from the combined experience of Mattioli Woods in financial advice and the global asset management experience of T Rowe Price."
alina.khan@ft.com
