View more on these topics

Mattioli Woods claims DB transfer exit won’t hurt profits

Risk-reward-attitude-profitNational IFA Mattioli Woods says its withdrawal from the defined benefit transfer market is not “expected to be material” on the group’s bottom line.

Results published today show revenue increased from £50.5m to £58.7m, up 16.2 per cent, for the year ended 31 May.

New business was generated by the firm’s consultancy team, with over 1,300 new Sipps, SSAS and personal clients choosing Mattioli Woods during the year.

Pension transfer advice to individuals contributed approximately 1.6 per cent of direct revenues over the year, Mattioli says, as it confirms that it will quit the market for good.

The wealth manager stopped advising on transfers in July and says it has no plans to re-enter the market as mounting professional indemnity insurance costs make it less profitable.

Total client assets under management, administration and advice increased by over 10 per cent to £8.73bn, up from £7.93bn last year.

Mattioli Woods chief executive Ian Mattioli says: “Over the past three years we have advised 660 clients to transfer out of their final salary schemes. But the fall in transfer values, intense political scrutiny and increasing compliance has led us to pull out of the market.

“It is no longer right for us. I am surprised by the number of firms still in the market but I guess a larger chunk of their business comes from transfers.”

He adds: “Last month we announced the acquisition of Broughtons Financial Planning, which has a similar culture to Mattioli Woods and gives us new opportunities to grow and develop the client offering of the combined business.

“With increasing complexity and continuing consolidation across the key markets in which we operate, we expect there will be further opportunities to accelerate our growth by acquisition.”



FOS orders compensation over Sipp delay by Mattioli Woods

The Financial Ombudsman Service has decided that Mattioli Woods must pay compensation over a botched Sipp administration which resulted in delays to a transfer, but does not have to pay back some of the fees it charged. Despite an initial ruling in his favour, a client said the FOS adjudicator had calculated redress unfairly, and […]


Mattioli Woods buys Midlands firm for £4m

National IFA Mattioli Woods has bought West Midlands advice firm Broughtons Financial Planning for up to £4m. Broughtons has 250 clients and more than £120m assets under advice. In the year ended 31 July Broughtons reported profit before tax of £620,000 on revenue of £990,000. Its net assets at that date were £560,000. Mattioli Woods […]

Mattioli Woods to withdraw from DB transfer market

National IFA Mattioli Woods has pulled out of the defined benefit transfer market following a review. In a trading update, the wealth manager says that following a review it has decided to withdraw from the DB transfer market due to rising costs and increasing regulation. The update says: “Following consideration of the increasing costs of professional […]

Offshore amnesty could bring in 5bn

The Government’s amnesty for UK taxpayers with undisclosed offshore bank accounts could net the Treasury up to 5bn.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm