Management at wealth management and employee benefits specialist Mattioli Woods say they are positive about the future despite recent big hits to the global money markets.
Chairman David Kiddie said the Leicester-based operation – which recently announced a medium-term target of hitting £300 million in revenues – said they remained dedicated to “putting clients first” and were confident in the resilience of the business.
Global markets have been hit by soaring energy prices, the war in Ukraine and the impact of Covid on China and other key players in recent months.
Closer to home the UK has been hit by additional pressures of Brexit, inflation, interest rate hikes and Liz Truss’s bungled premiership which saw a big fall in Britain's government bonds, currency and shares.
Mattioli Woods has seen phenomenal expansion in recent years on the back of organic growth and acquisitions and Mr Kiddie said he remained positive about the group's growth prospects.
But he added: "In comparison to organic revenue growth in our pensions advice business, market stability and investor confidence continue to be impacted by the wider economic and political uncertainties.
“Given the market context, client asset values and the investment related revenues linked to these continue to be challenged.
“In the first four months of the current year [after June 1, 2022], gross assets under management reduced by 7.3 per cent to £4.7 billion driven by market performance, which is reflected in the group's investment and asset management related revenues.
“All our teams continue to actively monitor and manage investment markets so that we both continue to create good client outcomes, and balance investment revenues against increased advisory revenues.”
Mr Kiddie added: “Our focus remains on delivering great client outcomes and we have continued to develop our customer and business propositions.
“Against a backdrop of market volatility and proactive engagement from our advisers, we have seen sustained demand for advice from clients, underpinning further organic revenue growth in our pensions and advice business.
“This has been supported by strong new business generation, with 289 new clients choosing to use Mattioli Woods during the year to date and recent business development initiatives increasing our enquiry pipeline compared to the prior year.”
