Although macro conditions are not helpful, longer term structural growth remains compelling and offer significant opportunity for value creation in a vast market. The savings and advice gaps, although narrowing, remain significant – particularly in the mass market and lower mass affluent segments. We note trends in digitalisation and M&A/consolidation. We identify better-placed stocks for recovering markets and more defensive revenue models should volatility continue.

Stocks mentioned in the note include:

AJ Bell (AJB), Brooks Macdonald Group (BRK), Curtis Banks Group (CBP), Hargreaves Lansdown (HL), Impax Asset Management (IPX), IntegraFin Holdings (IHP), Jupiter Fund Management (JUP), Liontrust Asset Management (LIO), Mattioli Woods (MTW), Mortgage Advice Bureau (MAB1), Polar Capital (POLR), Premier Miton Group (PMI), Rathbones Group (RAT) and Tatton Asset Management (TAM).

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