The team does not offer everything in-house at this point in time, still choosing to outsource legal and accountancy services, but it prides itself on its in-house network of consultants and cohort of advisers.
In an era when robo-advice threatens to disrupt traditional wealth managers, Mattioli Woods still espouses the virtues of high-quality face-to-face advice and a system in which every client has a consultant.
“I would describe what we’re doing as insourcing. We are trying to do as many things as we can and be both product provider and adviser, which I think is a healthy place to be. It seems to chime well with our clients,” he says.
Clients come to Mattioli Woods for both model portfolios, on a risk and timeframe basis, and bespoke portfolios. Gibson firmly believes there is a place for both within the industry.
As for the firm’s core values, Gibson underscores the asset allocation team’s strapline, ‘conviction and agility’.
He says: “We talk about investing with conviction and agility. It can be difficult sometimes to have conviction on every asset class, but it is important to try to find where your conviction lies and support them once you have.
“We are not a one-man band, so sometimes you have a lot of different convictions in the same room. That process can be quite cathartic and is extremely important to what we do.”
Equally important is the investment team’s conviction in the fund managers they invest in. The asset allocation team vets prospective fund managers by employing what Gibson calls “the whites of their eyes” approach.
“We like to meet with fund managers and have conversations with them across the desk, rather than just rely on their factsheets. This is our opportunity to ask all sorts of questions that will never be on the factsheet. We can drill down and get a sense of a manager’s short-term and long-term views, and whether they are taking any tactical decisions.
“Very occasionally, you come across a fund manager who says they wouldn’t be buying their own fund right now. That’s always an interesting conversation to get started with because it might be at odds with our own views on a particular region.”
Conviction is paramount now more than ever, considering Gibson feels he has entered “the most difficult investing period of my working life”.
