St James's Place (SJP) reports net inflows down 11% in 2022, which it described as its "second best year".
SJP has reported net inflows fell 11% last year, though 2022 still marked the second best year in its history for new business flows.
Net inflows were £9.78bn last year, down from £11.04bn in 2021.
Advisers attracted £3.87bn of new client investments during the final quarter.
Retention of client investments, together with new client investments, resulted in net inflows of £2.05 billion for the quarter.
Gross inflows for the full year totalled £17.03bn.
SJP chief executive Andrew Croft said the results were "despite significant macroeconomic challenges, which deepened as the year progressed".
He added: "2022 marks the second-best year for new business flows in St. James's Place's history. This strong outcome is testament to the hard work of everyone in our community and to the enduring resilience of our business, no matter the environment."
Funds under management were £148.37bn at the end of 2022, down from £153.99bn in 2021.
SJP reported an increase in the number of financial advisers throughout the year. At the end of 2022 there were 4,693 advisers working for the firm, up from 4,556 in 2021.
Looking ahead to 2023, Croft sounded a positive note, saying it has "started in much the same way that 2022 ended but it is encouraging to see more recent positive indicators that UK inflation may have peaked, together with some evidence that currency and investment markets are more stable".
A sustained recovery in macroeconomic indicators would "naturally be conducive towards improving consumer sentiment, activity levels and of course funds under management, as 2023 unfolds," he added.
Longer term, Croft said he was confident "the demand for trusted, face-to-face advice is only getting stronger".
He added: "With a growing partnership and a business in great shape, we continue to be well positioned to capitalise on our market opportunity and deliver against our 2025 ambitions."
Laura Miller is a freelance journalist.
