The increase was slightly down on the previous year's 22% rise in turnover.

The firm welcomed five new independent financial advisers in the year, expanding its team to meet rising client demand. 

It also said it enhanced its training and development department with a senior hire. Meanwhile, it said its employee benefits department saw significant growth.

It added strategic partnerships with corporate advisers KBS, and accountancy firms Donnelly Bentley and Hunter Healy. Pareto also acquired clients of Manchester-based IFA firm AdvizerTech.

Pareto’s employee-led initiatives have raised £1m for charity since the company was formed 15 years ago.

Last year it supported charities including Centrepoint, The Christie Charitable Fund, Beechwood Cancer Care, Stockport County Community Trust, Manchester Central Foodbank, MedEquip4Kids and Cash for Kids.

A new initiative - termed 'financial wellbeing' - was launched which saw Pareto advisers visit corporate clients to provide advice to employees to help them make informed financial decisions.

Paul Stones, managing director, Pareto Financial Planning, said, “Not only have we managed to achieve significant growth across all metrics, but we have also managed to find time to give back to the community.

“Our focus on development and growth underpins what will be an exciting year ahead for us. Our next big milestone is moving offices in August to new premises in Spinningfields, Manchester.”  

Pareto was founded in 2008 by John Stevenson and George Chantry, both experienced Financial Planners. John Stevenson was awarded with an MBE in the 2021 New Year Honours list for his support of cancer charities.

Paul Stones took on the role of managing director in 2021.