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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Steve Murray is moving aside from his position as chairman of 1825, Standard Life Aberdeen’s advice arm, to take on a new role with the wider group. Murray was instrumental in the founding of 1825, serving as chief executive from 2015 when it was set up, until last September, when he took on the chairman […]
The FCA has set out its proposals for changes affecting the non-advised sale of drawdown products. These proposals give important insight into the FCA’s thinking, and some possible implications for the market for advised products too.
The FCA will hold a series of defined benefit transfer workshops for regulated advisers across the UK from October to December. The workshops will reiterate the regulator’s expectations when transacting this type of business and highlight the key points that firms should consider when operating in the market. Particular areas such as fact-finding, the balancing […]
Financial advisers waste almost five hours a week doing menial tasks, according to a study by adviser tech platform Advicefront. With an average hourly wage of £46.38, one hour in eight is spent on unnecessary tasks and costs advisers £220 per week in wasted time. The survey asked advisers how much time they spend weekly on […]
The total value of pension transfers fell from £10.6bn in the first quarter of the year to £8.2bn in the second quarter, the latest figures from the Office for National Statistics show. According to AJ Bell, this is the first drop in value of pension transfers since the second quarter of 2016. The figures coincide with […]
Investors in value stocks and sectors will see value investing pay off if the UK is able to negotiate a soft Brexit deal, according to experts. Speaking at a Money Marketing Wired debate this morning, part of The UK Edge, investment specialists touted the benefits of the overlap between growth investing and value investing as market […]
National consolidator Succession has acquired Inverness-based MacKenzie Investments, co-directed by former Institute of Financial Planning director Phil Billingham. It has also purchased Cheltenham IFA Warwick Butchart Associates. Both firms were acquired in August and brought a combined £350m of assets under advice to Succession. Chartered financial planner McKenzie Investments has four planners including one trainee […]
The Financial Ombudsman Service has ruled in favour of five individuals who lost nearly £100,000 after transferring their pensions into non-standard investments using Sipps. In June, law firm Anthony Philip James & Co issued five cases against Sipp administrator Guinness Mahon Trust Corporation over allegations it worked with unregulated introducers to facilitate non-standard investments. In […]
Discretionary fund manager Brooks Macdonald has said that its in-house financial planning business remains a “major introducer” of funds into its investment solutions. Brooks offers independent, whole of market financial advice, along with managed portfolio services, multi-asset model portfolios, and bespoke investment options. In Brooks’ annual results released this morning, it says it is committed […]
IFAs want more clarity on environmental, social and governance investment products to be able to better communicate them to clients. A HSBC Global Asset Management survey of over 200 UK IFAs found that 57 per cent would like more ratings for ESG products. Concerns over diversity, human rights, consumer protection, and animal welfare are the […]
St James’s Place has hired Claire Blackwell as director of marketing from Newton Investment Management. Blackwell says: “We have a responsibility to continue to develop ourselves and our proposition in the interests of better financial outcomes for clients.” SJP shuns new CII exam in favour of in-house programmes She has held a variety of positions across the […]
Data from the Office for National Statistics show that UK property prices grew 1.2 per cent from June to July, giving a nationwide average house price of £231,422. On an annual basis this figure stands at 3.1 per cent, down from last month’s growth of 3.2 per cent, and is the lowest annual rate since […]
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 […]
Unpredictable bills make running any business difficult. That has been no different for advice firms in recent years, which have seen their Financial Services Compensation Scheme levies creep up. Part of that pressure comes from repeat offenders folding under the pressure of complaints, and then doing exactly the same thing all over again. Anecdotally, when […]
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 […]
Be clear on these tricky areas to shield your firm from risks Advice firms are expected to maintain appropriate professional indemnity insurance cover at all times. Unfortunately, we often come across issues with firms’ arrangements. Here is a summary of the most common pitfalls: Excesses If the excess on your policy is greater than the […]
Ethical investing is a hot topic, but where is the best place to start creating a responsible portfolio? Ahead of Good Money Week later this month (29 September to 5 October), which aims to show there are sustainable and ethical options when it comes to investments and pensions, Money Marketing speaks to three experts, asking […]
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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 […]