Wealth management firm Doherty PIC, now boasting a team of over 40 staff members, has secured 5,815 sq ft of prime office space to accommodate its expanding workforce, including the integration of the SSAS Solutions team from Mattioli Woods.
This strategic move comes on the heels of a year marked by remarkable growth, with Doherty PIC achieving a 20% increase in revenue and significantly expanding its client base throughout Northern Ireland. Managing over £600m in assets and benefiting from Mattioli Woods’ extensive advisory experience with £15bn in client assets, Doherty PIC is uniquely poised to offer comprehensive financial planning solutions that cater to both corporate and individual needs.
Doherty PIC, renowned for its holistic approach to financial planning and commitment to meeting diverse financial goals, is set for the significant milestone with Terry Lappin, managing director, expressing enthusiasm about the firm’s upcoming move to River House, emphasising its pivotal role in accommodating growth and enhancing service delivery.
Reflecting on the synergy between Doherty PIC and Mattioli Woods, Alan Thomson, director at Doherty PIC, emphasised how the acquisition has strengthened their capabilities in specialist pensions and discretionary portfolio management. “The integration has allowed us to leverage Mattioli Woods’ expertise and resources, empowering us to better serve our clients and expand our market reach,” he said.
Discretionary fund management (DFM)
Building on this enhanced capacity, Doherty PIC has run its own discretionary fund management service since 2022, offering tailored financial solutions to its clients. Over the past two decades, the firm has diligently curated portfolios, resulting in over £600m in assets under administration. This figure is set to experience substantial growth in the coming years.
The firm’s expertise in investment management, particularly through its discretionary fund management service, underscores its commitment to tailored financial solutions. Managed by a highly experienced investment team, this service actively oversees portfolios to optimise returns across varying risk levels.
This service offers clients sophisticated portfolio management characterised by enhanced diversification, proactive risk management, and timely adjustments informed by the latest market insights. “Our approach seamlessly integrates advisory services with discretionary fund management, ensuring clients benefit from a cohesive strategy aligned with their financial goals,” Terry said.
Self-invested pension solutions (SSAS)
Part of Doherty PIC’s success and specialisation lies in its provision of self-invested pension solutions. They currently enjoy the unique position in Northern Ireland as the only dedicated provider of both its own in-house small self-administered scheme (SSAS) and self-invested personal pension (SIPP). A SSAS allows clients with their own companies to manage their pension funds independently within their own pension trust, without involving a third-party trustee or administrator.
Terry confirmed that Doherty now manages an extensive portfolio exceeding 400 SSAS schemes across Northern Ireland. With Mattioli Woods overseeing approximately 2,400 SSAS schemes, the combined expertise offers clients a wealth of experience to draw upon and benefit from.
Looking ahead, Doherty PIC is poised for continued success, boasting a 40% increase in its SSAS portfolio since last year and a significant rise in client enquiries, underscoring its growing influence in the financial planning sector. The upcoming relocation to River House signifies not just a physical move but a strategic advancement toward further market growth and innovation.
Self-invested pension plans (SIPPs)
In addition to these developments, as part of the Mattioli Woods Group, the Mattioli Woods SIPP, which offers personal clients similar control and flexibility to that of a SSAS, is now part of the enhanced suite of financial products that Doherty PIC can offer its clients. Unlike a lot of SIPPs on the market, which can be quite prescriptive in terms of what you can and cannot do with your pension, the Mattioli Woods SIPP truly offers a fully flexible and cost-effective self-invested pension for individuals. John Dooher, business development director at Doherty PIC stressed that “not only is the flexibility, control and excellent service hugely compelling, but the importance of a large, financially secure SIPP provider cannot be overstated, especially in the wake of recent SIPP company collapses, such as Hartley Pensions”.
As Doherty PIC continues to expand its footprint in financial planning across Northern Ireland, its strategic focus on SSAS schemes has proven instrumental. As a result of these developments and growth in other areas of the company, Doherty PIC plans to expand its team, facilitating opportunities for internal promotions as well.
Lorraine Rodgers, operations director at Doherty PIC, said: “The acquisition has provided us with the leverage to navigate the recruitment landscape more effectively, creating further opportunities for our existing staff and enabling us to offer a more competitive package in the market. With the support of Mattioli Woods’ marketing, finance, and HR teams, we can now focus on growing our business in Northern Ireland.”
Employee benefits
As part of the Mattioli Woods group, Doherty PIC has extended its employee benefits product portfolio. The collaboration has permitted the two areas to combine expertise and resources, resulting in innovative offerings to clients. One such advancement is access to employee benefit portals unique to Northern Ireland. These innovative portals have been developed by Mattioli Woods and allows employees to readily view and personalise their employee benefits package.
In addition to enhancing service offerings, other benefits for Doherty PIC have included the expansion of our synergies, sharing of ideas, increasing resources and most of all improving and expanding our employee benefit products.
Stephen Cross, employee benefits director at Doherty PIC said: “Mattioli Woods and Doherty PIC work cohesively together. This is achieved through onsite visits to partner sites in the UK and Northern Ireland, with members of the Doherty PIC employee benefits team, having recently attended the Mattioli Woods quarterly corporate benefits meeting in Manchester. The team found the events to be beneficial to our continued success of being the leading provider of employee benefits in Northern Ireland”.
Ian Mattioli, co-founder and chief executive at Mattioli Woods agrees. “Working with Doherty PIC has allowed us to develop and explore opportunities we did not previously have in Northern Ireland,” he said. “Moving to River House is the logical next step in our commitment not just to those at Doherty PIC, but to our clients and potential clients across the region, and something I’m personally excited to see.”
Additionally, underscoring its commitment to the local business community and fostering networking opportunities, Mattioli Wood is one of the sponsors of the prestigious President’s Banquet this year. Organised by the Northern Ireland Chamber of Commerce and Industry, this black-tie event draws over 900 guests from the business community and local government, featuring a distinguished keynote speech. This sponsorship highlights Mattioli Woods’ support for local businesses and its dedication to enhancing business relationships across Northern Ireland.
As Doherty PIC prepares to settle into its new headquarters at River House, the team is eager to embark on this next chapter of their journey, confident in their ability to build on their strong foundations and deliver value to clients across the region.
“Looking back on the past three decades and with a clear vision for the future, we at Doherty PIC along with our colleagues at Mattioli Woods are excited about the opportunities ahead as we continue to grow and innovate in the financial services industry, paving the way for the next successful thirty years,” Terry Lappin said.