Good morning and welcome to your Morning Briefing for Tuesday 8 October 2024. To get this in your inbox every morning click here.
Behind the Headlines: FCA consolidation review is a ‘wake-up call’ for buyers and sellers
Consolidation has been a hot topic in advice since long before I joined Money Marketing in June 2021, writes chief reporter Lois Vallely.
But it does seem to have gained extra traction in the past two years. Almost every week we receive a press release or a tip-off that a big firm has bought an IFA business.
It may seem as though consolidation has slowed down in recent months, but conversations with industry commentators would imply the opposite is happening.
MM Meets… Castlefield founder and chair John Eckersley
Some founders of companies, perhaps understandably, like to take centre stage and become the face of the business they have created. But Castlefield’s John Eckersley isn’t one of them.
Rather than enjoy the limelight, he prefers to take a back seat and put trust in the team he’s built around him over the past two decades.
The sustainable investment firm’s headcount has gone from two employees in 2002 to more than 50 today, so Eckersley’s method is clearly working.
Vitality expands IP product to cover more occupations
Vitality has announced several changes to its income protection product to cover more occupations.
The provider said that from today (7 October), it will expand its range of deferral periods for a further 280 occupations including manual occupations and skilled trades such as plumbers, mechanics and warehouse workers.
The changes will see even more individuals become eligible for shorter one- and two-month deferred periods.
Quote Of The Day
Thanks to their endless warnings of doom and the need for tax rises, the government has created a planning blight for businesses and a source of anxiety for private investors
– Tom McPhail, director of public affairs at the lang cat, takes aim at Labour three weeks out from the Budget
Stat Attack
A new study by Glamira.co.uk reveals the UK areas where it takes the longest to save for an engagement ring, with Dartford topping the list.
Using the rule of spending three months’ salary, they calculated how long it would take based on average household income after essential costs such as mortgage payments.
The study highlights the financial strain caused by the cost-of-living crisis, ranking areas by the number of months required to save for an engagement ring.
Source: Glamira.co.uk
In Other News
Allfunds has appointed Patrick Mattar as global head of Exchange-Traded Products (ETP) distribution.
This move comes as the company plans to launch its own ETP platform in 2025, expanding its current offerings in traditional and alternative funds.
The new platform will provide a comprehensive range of exchange-traded products under one solution.
Mattar will oversee the platform’s development and integration with Allfunds’ existing services, focusing on innovation and client experience.
Mattar previously held senior roles at Abrdn and iShares, BlackRock. He holds degrees from the University of St Andrews, University of Pennsylvania and University of Stirling, and studied at Trinity College, Dublin.
Commenting on his appointment, Mattar said: “I am thrilled to join Allfunds and lead this exciting project. The opportunity to develop a comprehensive ETP platform is incredibly exciting, and I look forward to working with the talented team at Allfunds to deliver innovative solutions that meet the evolving needs of our clients.”
Juan de Palacios, chief strategy and product officer at Allfunds, added: “We are delighted to welcome Patrick to Allfunds. His expertise and leadership in the ETP and ETF sectors will be instrumental in the next phase of our growth, and we are confident that with his direction, our new platform will deliver significant value both to the ETP ecosystem and our clients.”
Bullish bets on UK assets take a knock as budget looms (Reuters)
What America’s presidential election means for world trade (The Economist)
Pound seen at a turning point after peer-beating rally (Bloomberg)
Did You See?
There is already a well-documented advice gap. Many people who could benefit from advice lack access, either because of cost or because they simply don’t know it exists.
This will only get worse if the number of financial advisers in the UK drops, as is predicted in the next five years.
If we don’t spark interest in the profession, the numbers will continue to dwindle as advisers leave and aren’t replaced. Everyone in the sector agrees on the need for change.
So, the question is: how do we achieve it?
Read our full cover story here.
