Consolidator AFH has bought the assets of Meritor, the financial advisory business of law firm Freeths. AFH will pay a maximum of £530,000 for the business, dependent on its performance. AFH expects the business to add around £330,000 of annual revenue. AFH chief executive Alan Hudson says: “This latest acquisition will continue the expansion of […]
The amount of money transferred out of defined benefit pensions in 2017 more than doubled to £20.8bn. According to a Freedom of Information Act request filed to the FCA by the Financial Times, in 2016 £7.9bn was transferred out of DB schemes. According to the FOI, around £5.5bn was transferred out in the fourth quarter […]
I recently experienced an uncomfortable encounter, which led me to take a more difficult path than some of the easier options available. It followed several months of kicking the tyres on various back-office and customer relationship management systems. Most meetings with software providers left me feeling uninspired. You know how it goes: there is the […]
Wealth manager Brewin Dolphin has acquired the financial planning and investment assets of Dundee firm Clark Thomson Mortgage Finders. Brewin Dolphin gets 150 clients through the deal. David Hogg, one of the directors of Clark Thomson is set to retire after 35 years in the industry. No staff will move to Brewin Dolphin as part […]
Sesame must compensate a client who complained she was missold a personal pension by one of the network’s former appointed representatives. According to a Financial Ombudsman Service decision, in 2002, Mrs P met with an adviser of a business that was at the time an appointed representative of Sesame. Following this meeting Mrs P agreed […]
Financial advisers need to engage in less systematic risk tolerance testing to position clients for high investment returns, according to risk profiling firm Oxford Risk. Speaking at a FinaMetrica/miPlanPlus event today, Oxford Risk head of behavioural finance Greg Davies says suitability across the industry is “rife with poor practice”. Davies says the most common adviser […]
The FCA is attempting to ban the boss of a debt management firm for allegedly using client money to purchase the business. Darren Lee Newton purchased First Step from former director Christine Whitehurst in 2013. The FCA argues he funded the deal through client money rather than out of his own pocket. Newton allowed more […]
One week out from implementation, our research shows only around half of advisers are 100 per cent confident they are ready for the General Data Protection Regulation. GDPR represents the biggest ever change to how personal data is collected and handled. The fundamentals are quite simple: to give individuals more control over how their personal […]
Axa Investment Managers is the latest firm to be cloned by scammers, the FCA has warned. The clone firm has been operating under the name Axa IM with a Northampton address. The FCA warning page says a person called Alan Winks is associated with the clone firm and three email addresses have been set up. […]
Offsetting the cost of advice this way would benefit clients and advisers alike One of the multiple barriers to better take-up of financial advice is that some people are unwilling or unable to meet the upfront cost. In response to this, the government has allowed people to take small chunks (three lots of £500) out […]
Fund managers like to trade off having a unique style. There thousands of funds out there to choose from – the question I often hear from advisers is: what makes this person different? Sometimes this can be a really tough one to answer. “We invest for the long term” is all fine and good, but […]
With rising costs and an increasingly tough regulatory market more advisers are looking to outsource their investment proposition, with many leaning towards discretionary fund managers. But while the number of advisers using DFMs is on the up, overall satisfaction with them has dipped. According to a recent survey by financial information firm Defaqto, 74 per […]
The Financial Services Compensation Scheme has set out how claims against British Steel IFA Active Wealth will be calculated. The lifeboat fund declared the firm in default at the end of March and has been handling claims since then. A note on the FSCS website says any compensation will be based on comparing the benefits available […]
Platform Transact has reported record first half inflows in its first trading statement since floating. The platform’s parent company IntegraFin listed on the London Stock Exchange in March with a £650m valuation. In an H1 update today, the company says funds under direction at the end of the six-month period to 31 March were £29.8bn, […]
Star manager Nick Train has piled more money into publishing company Pearson, despite acknowledging the stock had given him “heartache” in the past. The conviction-led equity manager has also upped his stake in football club Manchester United, according to the Financial Times, after originally purchasing it last August as one of the only three new […]
Former Openwork director Philip Martin has joined the network’s fifth largest advice firm as a co-owner and manager. Martin is leading Unique Financial Planning along with practice partner and chief executive Stewart Williams, who set up the firm in 1991. Martin’s departure from Openwork, where he was proposition and marketing director, was confirmed in November […]
Adviser trade body Pimfa has confirmed it will keep and revamp its indices following speculation they might be scrapped. The new trade body was set up in June last year through the merger of the Wealth Management Association and Apfa. In March 2017, the WMA launched the MSCI WMA Private Investor Index Series, which is […]
Standard Life must compensate a client for failing to collect regular pension contributions from their bank account. The upheld Financial Ombudsman Service decision says Ms M consolidated her pensions into one scheme with Standard Life in 2015, and drew down 25 per cent of the fund to repay outstanding debts. In order to help replenish […]
Schroders is set to downgrade its global growth forecasts for the first time in more than 18 months. The manager is set to downgrade next quarter on a host of macroeconomic and geopolitical fears, chief economist Keith Wade announced at Schroders’ investment conference in Edinburgh today, despite raising it every quarter for the last year […]
Seven Investment Management is to acquire Edinburgh-based discretionary asset manager Tcam Asset Management for an undisclosed sum. The merged firm will have £13.6bn of assets under management and will have offices in London, Edinburgh and Jersey. Tcam co-chief executives Alex Montgomery and Haig Bathgate will become partners and investors in 7IM and will join its […]
M&G Investments is proposing to transfer non-Sterling share classes of 21 of its UK-domiciled Oeic funds to Luxembourg, ahead of Brexit. The funds will move to equivalent Sicav funds in its Luxembourg range. M&G says such a move would protect the interests of its customers outside the UK as Brexit negotiations continue. Subject to regulator […]
I apologise if you are bored of hearing about defined benefit transfers by now. Really, I do. There are plenty of times when I wish I didn’t have to dedicate hours of my day to covering negative developments in the market. But, yet again, I feel like my hand has been forced this week. New […]
The wrong people are paying the levy and the fund is not going to enough of the right consumers Consumers of financial services firms are not being given enough compensation when they are missold, misadvised or out-and-out cheated. Or, rather, not enough clients are being given compensation. We know that because, in most cases, they […]
The day on which my career as a marketer in financial services started back in 1987 also happened to be the day the stockmarket crashed. The people at the investment company taking me on as a graduate had no time to welcome me with a chat and a cup of coffee. They were trying to […]
There is so much diversity around us in business today. Each colleague has their own individual needs, skills, qualifications and expectations. Some people we will click with, but others can be more challenging. We cannot understand why they struggle with certain problems, or perhaps we think they are rushing things or being overly demanding. As […]
Thanks to the vast quantities of information now available, customers have the ability to make smart choices with speed and agility anytime and anywhere they want. Not only are they in charge and in full control, but they are also moving faster than most brands. Importantly, they do not differentiate between channels and touchpoints. But […]
One tends to see increasing specialisation in most services. Think of the building industry, for example, where there are specialists in roofs, drains, restoration and so on. In the old pre-RDR days, when advisers were paid by commission, they had little incentive to specialise and most would sell to anyone. Any smattering of specialist knowledge […]
I must admit that I am no spring chicken, and financial services is probably the one and only career I will ever have. Although I have plenty of outside interests, it is other people’s money that has been the main focus of my working life. I am sure I have lots of bad habits and […]
So-called management gurus can cause a lot of damage with their advice The origins of the ‘guru’ are found in the US Constitution’s Bill of Rights, which guaranteed freedom of religion. It triggered a growing and competitive market for religious sects in the States, with new, evangelical ones gaining a 70 per cent market share […]
Value for money in fund management is about much more than just returns How much money would you be prepared to pay to enter a casino? Since the house wants you to play, you might expect access to be free. Unless, of course, there is value to be had from the visit besides the siren […]
Respite at last, after the FCA ruled last week providers must pay a quarter of advisers’ Financial Services Compensation Scheme bills from now on. It is a victory for the advice community, as the regulator refused to cave to a vocal provider lobby opposing the moves. That lobby had just cause to put up a […]
The work and pensions committee’s recent recommendation that drawdown providers offer a 0.75 per cent charging ‘default decumulation pathway’ by April 2019 has hit the headlines. The idea is that it will protect disengaged customers who may make poor investment and decumulation choices. Either trustees or independent governance committees would choose both a default fund […]
With market instability expected to continue, advisers must ensure clients fearing short-term losses do not forfeit long-term gains “The value of your units may fall as well as rise.” We are all familiar with the risk warnings that have jumped to the front of any document linked to investment post Mifid II, but have we […]
Money Marketing obtains results from regulatory enquiry into what advisers are offering for their ongoing fees
All firms run the risk of being used by criminals for fraudulent activity, so it is vital to remain vigilant. Fraudulent emails are becoming more sophisticated and we recently became aware of a new scam targeted at financial intermediaries. The scam revolves around your client’s email account which has been hacked. You receive a request […]
Money Marketing crunches the numbers with Dynamic Planner to paint a comprehensive picture of average risk ratings around the UK.
Advisers can help clients make some substantial tax savings The beginning of April heralded a new tax year and this brings updated tax allowances. Some of these new allowances can offer little gems to create value for clients and launch wider conversations about retirement planning in general. One such allowance is the marriage tax allowance, […]
Brewin Dolphin group head of research Guy Foster explains how the company makes its investment decisions Do you take an in-house or outsourced approach to investment management? Historically, we are an investment firm, so the investment part of our proposition is central to what we do. Our clients benefit from financial advice integrated with investment […]
Default pension funds vary greatly in terms of investment approach, manager structure, performance and charging Around nine out of 10 people rely on their pension provider’s default fund to save for their retirement, making it important to keep track of what is on offer. We recently carried out an update to our study comparing the […]
Office of Tax Simplification report could trigger the biggest upset in estate planning for years If you think the biggest threat to inheritance tax planning is posed by Jeremy Corbyn and a possible Labour government, think again. The Conservatives are taking a long hard look at IHT and their aim is simplification. The Office of […]
The president’s posturing, bullying and sharp business practice is leading the US economy to the rocks It is galling to watch President Trump’s vain posturing as he parades around the world. His tax cuts have been a good thing for the stockmarket, although they are now wholly reflected in prices. The improbable device of soaking […]
Rebranding your business is a big decision that should not be taken lightly but it can provide the fresh start some firms need. Here, three advisers share their experiences. Consulting a specialist Telford Mann was originally the financial planning arm of an accountancy firm, but was forced to change its name from Moore Stephens Financial Services […]
Bravura chief technology officer on how the sci-fi of his teenage years has come to pass Bravura chief technology officer Nick Parsons always envisaged a career in the tech world. What was less foreseeable when making the decision to study computing and electronics, was that some of the plot lines from his favourite science fiction […]
The children’s element of critical illness cover needs to be handled with care by advisers and providers. Nobody wants to think about themselves or their family becoming critically ill, least of all their children. However, sadly, there is sometimes no escaping it, which is why children’s cover has been a part of adult critical illness […]
In recent years, there has been a raft of fund managers leaving large houses in order to set up their own boutiques. While it allows fund managers to escape the pressures and bureaucracy of a larger organisation, the boutique model can bring its own risks. Going it alone may seem appealing, but increasing regulation and […]
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Karen Ward discusses the Bank of England’s (BoE) decision to hold its base rate of interest unchanged at 0.5% at its meeting today.
Watch Andrew Robbens as he talks about how the high street has changed over the decades and gives his views on how adapting and changing will be the key to success for consumer businesses.
Money Marketing Editor, Justin Cash, and Helm Godfrey Chairman, Danby Bloch, sit down to discuss the outcomes of the recent local elections and the potential consequences for the UK economy.
Chris Skinner, portfolio specialist, takes a closer look at UK equity portfolios and finds that many funds have less exposure to UK companies than you may think.
Watch Joanna Crompton’s three short videos on investing with an Environmental, Social & Governance (ESG) approach to find out what ESG means, why it’s important, and how her team puts ESG investing into practice.
After our recent roundtable on investment committees we sat down with the attendees to find out what their key take-aways from the debate were.
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 […]
More clients than before are entering pension drawdown, especially those with smaller pots, and they are looking to you for an investment strategy which can help their money last longer into retirement. The challenge for you now is to provide an effective service to all types of clients, which is still commercially viable for your […]
As more clients than before are entering pension drawdown, your role as an adviser is so important in converting their pension pot efficiently into a regular income stream and ensuring this income is sustainable. That’s where solutions like Drip-feed Drawdown are highly valuable. In this film, Scottish Widows’ expert Roy Vickery looks at the benefit […]
Ali Unwin, Fund Manager & CTO, Neptune Technology has been a driving force in equity markets over the last 12 months but the sector continues to divide investors. Watch Ali Unwin discuss what he believes are some of the most common misconceptions when it comes to investing in technology. Watch video Investment risks This Fund […]
Azhar Hussain, Head of Global High Yield Viva l’Italia! La Dolce Vita, risk returns to credit and a demand drought for linkers: Royal London Asset Management’s team of fixed income specialists share three key trends that they’ve seen shaping bond markets over recent weeks. Read the article here. Past performance is not a guide to […]
Following a slightly shaky data story last week, Mark Carney has fuelled speculation that a May rate hike might be off the cards. However, Craig Inches, Head of Rates and Cash at Royal London Asset Management says whether or not this just turns out to be a seasonal dip, the bank shouldn’t be using this […]
Following a history of shareholder unrest around their pay structure, Weir has introduced a new Restricted Share Awards plan. Ashley Hamilton Claxton, Head of Responsible Investment at Royal London Asset Management shares her professional opinion on this latest remuneration related move by the company. Read the article here. Past performance is not a guide to […]
Magenta Financial Planning managing director on the difficulties of diversity and promoting the profession There are a couple of misconceptions about Magenta Financial Planning. One is that it must be specifically targeting female clients because it has a pink logo; the other that because all its current staff are women, it must be a female-only firm. Not […]
Smart Financial chief executive on his lifestyle planning epiphany and how it led to his training academy Before becoming a certified financial planner in 2005, Smart Financial chief executive Steve Martin admits to not having the skills and tools to join the dots between what people had and what they wanted. With the certificate, everything changed. […]
Progeny Group managing director on the opportunities provided by Mifid II and GDPR to improve business You won’t find Progeny Group managing director Neil Moles complaining about the forthcoming General Data Protection Act deadline or Mifid II. Moles’ response is to embrace new legislation and use it to improve the firm. “Any legislation can be […]