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Massow and Rainbow in pink pound merger

Leading gay-focused IFAs Massow Financial Services and Rainbow Finance are to merge ahead of the introduction of stakeholder pensions next year.

Former Tory millionaire Massow will step down as managing director to become chairman of the merged “super IFA”, Massow Rainbow Group.

Rainbow founder Louis Letourneau will become managing director of the merged company, which will have a client base of at least 20,000 with seven offices in England and Wales.

Massow says: “Any IFA wanting to survive, especially in the government&#39s new stakeholder world of 1per cent maximum charges, will need to think seriously about how to reach the critical size necessary to deliver the cost savings customers expect without compromising on service.”


Style Counsel

There is a significant source of investment return that is still relatively poorly understood within the UK.Traditionally, the method of diversification has been to spread clients&#39 investments between cash, bonds and equities across geographic markets. A core model for a growth investor is to have 60 per cent invested in the UK and possibly 10 […]

Universities win actuary research cash

Four British universities are to benefit from £52,000 of research funding from the Faculty and Institute of Actuaries.City University, Imperial College, Heriot Watt and Glasgow Caledonian universities all received grants of between £5,000 and £11,500.A further award was made to the National Insurance Academy of India – the first time that an award has sponsored […]

Unsung zeros

Aberdeen Asset Management – Progressive Growth Unit TrustAim: Growth by investing in zero-dividend preference shares.Minimum investment: Lump sum £500, monthly £50.Investment split: 100 per cent zero-dividend preference shares.Yield: Nil.Isa link: Yes.Pep transfers: Yes.Charges: Initial 4.25, annual 1.25 per cent.Commission: Initial 3 per cent, renewal for Isas & Pep transfers 0.5 per cent.Tel: 0800 592487.Broker Panel:-Bruce […]

Yorkshire Bank hit for £100,000

Yorkshire Bank has been fined £100,000 by the investment management regulatory organisation for errors in its Pep administration. The breaches in Pep regulations came between December 1996 and June 1999, and included failing to complete customer asset reconciliation and failures in internal organisation and control. Yorkshire will also have to pay another £100,000 to compensate […]

Retirement - thumbnail

(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.


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