AFH has bought the client portfolios of the Colwyn Bay office from the administrators of collapsed DFM Beaufort Securities. AFH is paying £250,000 for the client portfolios and the deal will add £130m in funds under management to the consolidator. As a result of the deal, Laurie Beevers and Andrew Jones will join AFH Private […]
I have recently completed training to become a certified money coach: it is an area we are developing to complement our traditional advice service. One of the exercises is to imagine you are floating in a small boat through time. We ask you to consider where you want to land and what you might find […]
Fidelity created ripples across the asset management industry when in August it announced two 0 per cent AMC passive funds – one for US equities and one for global ex-US equities. Last week’s launch of two further, doubling its “zero funds” to four. The two launched in August that have already raised more than £770m […]
GAM has confirmed its internal investigation into the conduct of bond manager Tim Haywood was sparked by an internal whistleblower, in response to media speculation. Haywood’s suspension comes following concerns raised by the whistleblower and the internal investigation has since evolved and has “uncovered and identified” several potential misconduct issues. His suspension led to the group […]
Quilter Financial Adviser School will now offer the Level 6 Advanced Diploma of Financial Planning as part of new offerings announced as it rebrands. Formerly called the Financial Adviser School, QFAS will offer the Level 6 qualification to the whole of market. The first cohort for the Level 6 programme began last week and includes […]
Two directors at St James’s Place have increased the shares they own in the company. SJP investments managing director David Lamb and partnership managing director Ian Gascoigne have both bought £8,996 worth of the company’s shares, according to a London Stock Exchange notice. Lamb and Gascoigne bought 993 ordinary shares of 15p each at a price of […]
Advisers share their tips and experiences in finding the right network There are many benefits of being an appointed representative but choosing the wrong network could cause havoc for a business. Here, three advisers share their tips and experiences. An open mind Simplified Money director Lesley James considered going directly authorised when setting up the […]
What has the industry learned from the 2008 crash? Probably not much at all Anyone watching or reading the news over the last couple of weeks will not have failed to spot the odd story or two about the 2008 financial crash. This being the tenth anniversary of the event, the media has been taking […]
Adviser Duncan Budd is closing his firm DB Financial to join Tilney’s London office. Budd will work alongside an investment manager in an approach that sees both parties provide a full wealth management service to clients. Tilney confirmed to Money Marketing that Budd’s firm DB Financial will cease operation. DB Financial was established in 2007. The firm […]
Average drawdown withdrawal rates have reached a level unlikely to be sustainable through retirement The FCA recently published new retirement income market data showing how consumers are using the pension freedoms. My initial reaction after reading the document was one of frustration, as the information only gives part of the overall picture. Providing some additional […]
The Pensions Ombudsman has ordered Alliance Trust Savings to pay £500 to a client for the stress it caused during the transfer of her Sipp. In the ruling, Mrs N wanted to move her Sipp operated by ATS to one operated by Equiniti Financial Services due to an increase in fees. In June 2017 Mrs […]
Rogue advisers have caused savers to lose hundreds of thousands of pounds after being abandoned to a “Wild West” of pension rules, according to a Sunday Times report. Its report shows how some advisers have exploited the outdated laws and loopholes to lure unassuming investors into high-risk products, leaving them unprotected when dodgy bets have gone […]
Fund manager Miton has surpassed £4.5bn in assets under management as it records profit and revenue growth for the first six months of the year. In the same period the previous year, Miton reported £3.3bn AUM. At the end of August, AUM had risen to £4.8bn. Miton reported profit before tax for the six months […]
IFA consolidator AFH has bought the client bank of Salisbury-based firm Emery Little for a maximum price of £1.6m After the deal, Derek Gibbons will join AFH as an adviser while Brian Little will retire with his clients moving to AFH. AFH will initially pay £870,000 with the remaining sum paid over 26 months, subject […]
We’re all living longer – half the future generation born after 2036 is expected to live to 100*. But despite more of us saving for our retirement, and from a younger age, there’s still a lot of work to do if we want our time in retirement to be both financially and physically healthy – […]
Almary Green, the advice firm led by industry veteran Carl Lamb, is in sale talks with Smith and Pinching Financial Services, Money Marketing understands. One source tells Money Marketing Almary Green staff have visited the Smith and Pinching offices, and that there have been discussions around a merged firm being floated on AIM. The Norwich-based […]
The FCA is analysing information from 40 firms about their adviser recruitment processes and what quality checks are in place on the advice they give. Earlier this year, Money Marketing revealed that the FCA sent letters to a sample of firms asking about training, competence and hiring records for staff. A Freedom of Information Act request […]
Sesame Bankhall Group has revealed several changes to its senior management, including the departure of Sesame Network and PMS Mortgage Club managing director Mark Graves. The group has now created two new roles – director, Sesame and director, PMS – with an announcement on who will fill the roles pending. Sesame has also moved Jane […]
Encouraging more diversity in your business has benefits for the bottom line, but advisers have a long way to go to realise the benefits of equality in their firms. Speaking as part of a panel debate on diversity in advice, which mainly focused on gender diversity, three female advisers shared their views on why the […]
The Financial Services Compensation Scheme has declared six firms in default, with an advice firm and two mortgage businesses on the latest list. Advice firms on the regist covering defaults in August include Newcastle-based Chadkirk Wealth Management. The firm appeared to be a one-man band. Claims managers have already posted adverts regarding potential compensation over […]
Fidelity’s new zero-fee index funds have rocked the boat in the US. Players here must sit up and take notice I was interested to see that Fidelity has launched two new index funds in the US: Fidelity Zero Total Market and Fidelity Zero International. Both have an expense ratio of zero per cent. Fidelity was late […]
Last week, the excellent Money Marketing Interactive Harrogate event took place, where I was fortunate enough to be part of the panel on diversity in advice. Last week also saw the 10th anniversary of the Lehman Brothers’ collapse. “If it had been Lehman Sisters rather than Lehman Brothers, the world might look a lot different […]
As legislators and regulators across Europe – Brexit bit between their teeth – are poised for all sorts of eventualities, advisers can at least rest assured change is the constant on which they can depend. But in the midst of seemingly constant flux, it can become easy to bow to what is insisted upon and […]
Passive investing now accounts for nearly half of all global assets under management. Fifteen years ago, that was close to zero. It’s clear where the flows have come from as well: out of active funds, as we have become accustomed to keeping a closer eye on value for money from those we trust with our […]
Something drastic needs to be done to make the protection landscape fit for today’s world Like most journalists, when I first began writing for Money Marketing years ago, I needed to be schooled in the ways of financial services. In my case, this role was carried out by a small coterie of energetic financial advisers […]
Sometimes plans gets derailed and you must prepare your clients for that More people than ever are surviving into their 90s and beyond, many with complex medical issues to deal with. Most advisers around my age will have a number of clients also of a similar age, where their own children are now independent financially […]
Annuities, drawdown, Sipps – these terms can confuse and alienate customers. People really just want to know what will enable them to have the retirement they’ve always dreamed of, with enough flexibility to deal with life’s changing circumstances and perhaps a small inheritance to pass on too. What is everyday terminology for us in the […]
The FCA recently published feedback on its Call for Input on access to insurance. While this was focused on the ability for people with pre-existing conditions to get travel insurance, it will have wider implications for the protection market – and rightly so. Too many consumers feel they are uninsurable, having been refused cover, even […]
This important tax relief is at risk of being abolished in the upcoming Budget. “Quite likely the worst tax relief in the UK”, was the harsh verdict on the hitherto relatively uncontroversial entrepreneurs’ relief from think-tank the Resolution Foundation last month. It looks as if this relief will need some vigorous defence if it is […]
“The cheque is in the post.” “Of course I love you.” “Hi, I’m from compliance and I’m here to help you.” These are some of the greatest lies in the world and now a new one has been added to the list: “We are re-platforming to provide you with a better service.” When the first […]
When pensions freedom was introduced three years ago, it was feared retirees would blow their savings with little regard for their future needs. The media whipped up a frenzy about them splashing out on Lamborghinis, before falling back on state benefits. If only someone had bothered to look at the data on expenditure patterns in […]
A weekly account of the curious goings-on in the world of financial services Locked out While WSJ correspondents were kept very busy at Money Marketing Interactive in Harrogate last week, there was still plenty of time spent in the bar with industry friends. So came about the story of Aegon director of new business, Martin […]
If you are an adviser who is employed or running a firm under a major network or national, can you slip under the radar easier than advisers with no middle or upper management protection? On the education front specifically, are these advisers more likely to avoid the FCA’s latest move to sure up competency with […]
Despite being around since the 1970s, index tracker funds did not have much love from investors until a decade ago, when Lehman Brothers crashed along with many people’s faith in financiers. The popularity of passive funds grew steadily and they went from a negligible market share at the beginning of the millennium to making up […]
Industry needs new ways of increasing confidence, with high payout rates falling on deaf ears Paying claims is at the heart of the protection industry but the positive picture painted by high payout rates doesn’t appear to be getting through to consumers. Most providers publish their claims data each year, highlighting the fact the number […]
Fund managers with a solid investment philosophy can identify their edge and the environment in which they will flourish My last column highlighted the weakness in relying on past performance in fund selection (weakness is putting it politely). I then provided an overview of some of the more qualitative factors advisers should consider when analysing […]
Michael Klimes asks if advisers need to change their thinking on annuities and incorporate them in drawdown for clients
HMRC is tightening the screw on tax avoidance involving profit fragmentation Tax avoidance continues to drive Treasury and HM Revenue & Customs activity. Over the summer, the Revenue published responses to its consultation on proposals to tackle schemes designed to move UK business profits outside the charge of UK tax, often using offshore trusts and […]
New suitability rules suggest not obtaining the most up-to-date information can prevent you from taking a fee I do not usually get cut up by celebrity deaths but I did on 4 September 2006 when my hero, Steve Irwin, “The Crocodile Hunter”, passed away. Something I learned from him was the impact of unintended consequence. […]
For a while now, talking heads have been banging the drum about a dollar liquidity squeeze. Effectively, as the US Federal Reserve tightens rates, the better returns suck money out of higher-risk markets back to the “safe haven” of the US. But we believe most developing markets are less susceptible to this risk than in […]
This month marks the 10-year anniversary of Lehman Brothers’ collapse. In the second part of our series, leading fund managers speak to Money Marketing about what we have learned and what still needs fixing after the global market crash of 2008. Adrian Hull, co-head of fixed income at Kames Capital Back in 2008, “moral hazard” […]
A detailed look at the firms driving job creation and the most sought-after roles Advice firms are on the hunt for recruits, with 65 per cent aiming to add to their staff within the next 12 months, according to our latest research. Our Adviser Market: Size and Structure report also found that nearly nine out […]
A few months ago the Association of British Insurers downgraded HIV. It is no longer on its list of minimum standards for critical illness cover; it is no longer a life-threatening condition. This is really exciting, as we have been fighting for fairer access to insurance for clients with HIV for years. At the moment, […]
While there is potential for a client’s pension scheme to pay an annual allowance charge, it is not always the best option I am often asked about how to deal with clients who have exceeded their annual allowance, specifically whether they can force their scheme to pay the tax charge for them. Quite often this […]
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John Baker, portfolio manager for the JPM UK Dynamic Fund, looks at the video game market, and the opportunities for investors.
Anthony Lynch, portfolio manager of the JPM UK Equity Plus Fund, JPM UK Equity Core Fund & the Mercantile Investment Trust, looks at the impact of Brexit on the housing market.
Callum Abbot, portfolio manager, discusses the changing market and end of cycle positioning.
Register now to watch our exclusive Wired debate broadcasting live at 10:30am on 20th September.
Katen Patel, portfolio manager of the JPMorgan Smaller Companies Investment Trust, JPMorgan Mid Cap Investment Trust and JPMorgan Elect Managed Income Investment Trust, explains some of the key considerations when looking at investment trusts.
Buying high growth companies is by no means always a winning strategy. Kyle Williams, manager of the UK Equity Growth Fund, explains why he prefers to focus on “unanticipated growth”.
Catch up with last week’s Money Marketing debate on what Labour would mean for financial planners with former pensions minister Steve Webb and three leading advisers.
FSCS levies are one of the biggest bills advisers have to pay. But how are they calculated? Watch our video to find out Advisers slam levy increases as FSCS bills hit desks Solving the FSCS’ long list of problems FSCS chief executive Mark Neale’s blog
FCA chief executive Andrew Bailey has just marked his first year at the top of the regulator. Money Marketing asks: Who is the man running the financial services show? Watch: Where do your FCA fees go?
Title: MM Wired: Beyond the election Date: Thursday 15th June Time: 11am Money Marketing Wired returned in association with The UK Edge on Thursday 15 June with a topical debate on the election results. To see the full on-demand version of this session, please watch the video above. Panelists Stephanie Flanders – Chief Market Strategist (UK […]
By Andrew Morris, Sales Manager, Canada Life Investments In the past we’ve looked at the importance of diversification in investigating what place multi-asset funds had in today’s low cost, tracker-dominated world. We believe that it is imperative that appropriate, suitable multi-asset products are available for clients, to ensure that their risk requirements and appetite are fully […]
While the Government ponders inheritance tax (IHT) simplification, consider this: it’s been almost ten years since the nil rate band (NRB) was changed, staying at £325,000 since 2009. Some would argue that if it’s not broken don’t try and fix it, which ignores the fact that we are in a very different world than 10 […]
By Nigel Orange, Technical Manager, Canada Life Drawdown is an incredibly complex – and important – part of a retirement strategy. That being the case, should the FCA apply the same rules to drawdown as they currently do for DB transfers and pension benefits that have guarantees attached? Essentially, whenever the pension transfer or drawdown […]
Clare Moffat looks at the planning implications of DB transfers and the LTA
By Fiona Hanrahan – Senior Product Insight and Technical Support Analyst, Royal London We’re often asked about death benefits and thought we’d share our top five most frequently asked questions. 1. Who pays the lifetime allowance charge when an individual dies? If the individual dies with uncrystallised benefits, these are tested against their remaining lifetime allowance. […]
With emerging market equities officially entering bear market territory, Trevor Greetham shares his views on the situation in our latest blog piece. He explains that while Turkey is certainly a symptom of the shift, it’s not a cause. Read the article here Past performance is no guide to the future. The value of investments and […]
Fidelius chief executive on picking the right industry battles and building advice firms from scratch Fidelius chief executive Jim Grant bought his first advice firm in 1996, so he is used to the regulatory quirks of the UK financial services industry. Take the holy grail of “what good looks like”. It is a source of frustration for […]
Evolution Financial Planning director on why the government needs to take more responsibility for promoting advice to pension savers There is a lot to be said about pensions. Defined benefit transfers and the ongoing implications of the freedom and choice regime have given advisers plenty to contemplate in recent years. However, for Evolution Financial Planning […]
Acumen Financial Partnership managing director Angela Maher discusses succession plans and family values Family crops up a lot when Acumen Financial Partnership managing director Angela Maher talks about business. It is clearly important. Having come from generations of people who ran their own businesses in industries such as farming, you could say it is is […]