9 Finance Monthly. The Monthly Round-Up booking centers over the last five years, with a compound annual growth rate (CAGR) of 13%. However, it is facing strong competition from Singapore, which is increasingly perceived as a safe-haven gateway to the Asia Pacific region. Finally, the United Arab Emirates attracted assets from across regions, including Asia Pacific and Eastern Europe, growing its AuM faster than any other booking center. Its financial wealth is expected to continue to grow over the next five years at a healthy 10% rate. Profits Under Pressure Margins in the industry had been eroding for a while, but wealth managers were buffered by the favorable climate in the financial markets and rising client business volumes. However, the latter registered an 11% decline in 2022. In addition, costs rose across the industry, driven by larger front-office teams, wage inflation, and technology spending, and are expected to remain high as inflation persists at levels above the previous decade. Pre-tax profit margins for wealth managers decreased by an average of 2.3 basis points (bps) globally. Players in the Asia Pacific and North America regions saw the steepest declines, with 5.5 bps in Asia Pacific and 3.1 bps in North America, compared with a 2.5 bps rise in Europe, and 0.3 bps increase in Latin America. STRONG GROWTH LEADS TO A ROUND OF PROMOTIONS AT ALBERT GOODMAN A strong set of financial results for 2022/23 has led to the promotion of 16 senior staff members at regional accountancy firm Albert Goodman as revenue tops £18 million for the first time, paving the way for future leaders. Albert Goodman has reported a growth in turnover of 12% and reported a record year for new business wins which has allowed for 10 director and six senior manager promotions from within the firm’s audit, tax, farms and estates, financial planning and HR teams. This record number of promotions is due to the sustained growth which is creating new opportunities for its people based in Taunton, Weston-super-Mare, Weymouth, Yeovil and newly opened Bristol office. This announcement comes at a time Albert Goodman has been voted by Best Companies as the best accountancy firm to work for in the UK, securing this title for a second year running. Iain McVicar, Managing Partner at Albert Goodman, commented: “I’d like to say a huge congratulations to those individuals who have been recognised for all their hard work and commitment. By promoting the next generation of leaders, this will help support our growth and fulfil our key strategic ambition of remaining an independent accountancy and financial planning firm in the South-West.” Iain McVicar Managing Partner at Albert Goodman
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