Mattioli Woods has confirmed that it will offer restricted advice post-Retail Distribution Review for its pension and investment services.
In its full-year results, released today (29 August), company chief executive Ian Mattioli said the firm may also provide restricted advice in other areas as it expands its position as both provider and adviser.
He also claimed all its advisers are on track to meet the minimum level 4 or equivalent qualification as required by the Financial Services Authority.
Overall, revenue for the company, which is a provider of self-investment pensions and wealth management services, was up 33.3 per cent year-on-year to £20.5m, of which 63.2 per cent is recurring compared to 67.5 per cent in 2011.
Adjusted profit before tax was up 2.2 per cent to 5.06m, compared to £4.95m for the previous year.
About £4.27m of company revenues for the year came from subsidiary Kudos Independent Financial Services, which the company acquired in August 2011.
Assets under administration and advice rose 31.3 per cent to £3.03bn, up from £2.3bn in 2011.
Mattioli announced earlier this year that it had received approval from the FSA for its new discretionary management service, which was launched earlier this month.
In a statement accompanying today’s results, Mr Woods said: “I am excited about the launch earlier this month of our new discretionary portfolio management service, which offers a more cost effective and efficient investment process for our clients and enhanced recurring revenue streams for ourselves.
“I believe the group is now better-positioned than ever to compete in the post-RDR world and we will continue investing in the business to secure further profitable growth, underpinned by strong recurring revenues.”
Earlier this summer (31 July), Mattioli Woods announced the appointment of Joanne Lake as a non-executive director and chair of the audit committee.