SIPP and Financial Planning firm Mattioli Woods said it plans to more than double its intake of new trainee advisers to help address the 'advice gap.'

It will expand its training capacity “to deliver further organic growth in our Financial Planning and specialist pension consultancy business.”

It revealed its plans in a trading update published this morning which showed that revenue climbed 8% to £59.1m for the six months ended 30 November, up from £54.9m over the previous half-year.

Mattioli has declined to clarify the number of additional trainees it will take on as part of its expansion.

It said it had a “resilient trading performance, against a challenging macroeconomic backdrop.”

It reported organic revenue growth of 4% with 847 new client wins, adding £82.2m in AUM.

Total client assets of the group slipped slightly to £15.2bn from £15.3bn in the previous six months, “driven by £155m downward market movements,” the firm said.

Ian Mattioli, chief executive at Mattioli Woods, said: “We enjoyed particularly strong growth within our core pension consultancy and employee benefits business segments, with the proposed changes to pension and tax rules announced in the chancellor’s recent Autumn Statement driving strong demand for advice.”

He said the firm has “a robust pipeline of bolt-on acquisition opportunities to review” as consolidation in the wealth and asset management sector continues.

Mr Mattioli said: "Our strategic plan remains focused on driving further organic growth, complemented by strategic acquisitions which meet our investment criteria, with targeted investment to create capacity, improve operational efficiency and enhance client experience. Supported by a strong financial position, we look to the future with confidence."

Last month its private equity division Maven Capital Partners acquired EIS manager Newable Ventures Limited as part of a move into the Enterprise Investment Scheme market.

In September its subsidiary Ludlow Wealth Management acquired Blackpool-based Opus Wealth Management Limited in a deal potentially worth more than £1.4m.

Mattioli Woods will be announcing its interim results for the six months ended 30 November 2023 on Tuesday, 6 February.