Good morning and welcome to your Morning Briefing for Thursday 7 November 2024. To get this in your inbox every morning click here.
Finding the perfect-fit tech for your firm
As important as tech is, advisers often tell me how they don’t know where to start when it comes to picking a solution, writes Richard Harrison, chief executive of Sesame Bankhall Group.
The sheer number of options out there can be overwhelming and tech providers sometimes speak what can sound like a different language to the uninitiated.
While every firm has its own unique needs, there are basic principles that can help you navigate the noise and choose the right tools. Here’s how to simplify the process.
Intelliflo and Estgro team up to transform wealth planning
Fintech provider Intelliflo has teamed up with estate planning firm Estgro to transform how advisers handle generational wealth planning.
The partnership will bridge the gap between financial and legal services, making estate planning and inheritance processes easier for both advisers and their clients.
This combination allows financial advisers to provide tailored recommendations for wealth transfer and inheritance tax strategies.
Close Brothers and SEI sign platform tech deal
Close Brothers Asset Management (CBAM) and SEI have agreed a platform technology partnership.
The deal includes the adoption of SEI Wealth Platform and SEI Data Cloud, a fully integrated technology, data and operational outsourcing solution.
CBAM said the partnership marks a move to deliver its strategic objectives and to be the best place in the UK for wealth management professionals and their clients.
Quote Of The Day
Ironically, Trump’s supporters, who have blamed inflation for making them poorer under the Biden administration, might face further economic challenges.
–Lindsay James, investment strategist at Quilter Investors, comments on the results of the US election.
Stat Attack
Research by Canada Life has revealed a surprising lack of discussions around inheritance planning in the UK.
It shows:
49%
Less than half of the population have discussed their end-of-life wishes with their loved ones.
44%
Across the UK, more than two fifths have not written a will, nor are they currently in the process of doing so.
26%
When asked why they do not have a will in place, over a quarter said they do not have enough assets or wealth to warrant making one.
20%
believe they still have plenty of time to make one.
15%
do not want to pay to write a will.
14%
believe their loved ones will inherit their assets automatically.
Source: Canada Life
In Other News
Advanta Solutions Ltd has acquired City Financial Planning Limited, adding a further £800m of AUM under its stewardship.
The purchase of City Financial Planning, which has offices in both Bath and Exeter, is Advanta’s second acquisition in 2024 and its ninth in total.
City Financial Planning director Tim Quirke said: “Becoming part of the Advanta family enables us to continue to grow the business that has its origins almost 25 years ago when the current directors joined forces to create City Financial Planning.
“We have built up a base of fantastic clients, many of whom have become personal friends, making it essential for us to find the right company to partner with. We believe that Advanta is the right company for our clients and our staff.
“Knowing that Advanta shares the same values, professionalism and client service standards that we believe in, was a fundamental key to our decision.”
Craig Webster, CEO of Advanta, added: “We are delighted that City Financial Planning have decided to become part of the Advanta team and that the directors, advisers, their clients, and staff are joining us.
“City Financial Planning have built a fantastic reputation with their clients, and we look forward to working with them on the next phase of their journey.”
Advanta was assisted by Dow Schofield Watts and DLA Piper.
City analysts overwhelmingly predict Bank of England interest rate cut (Guardian)
Risk assets rally but bond market views Trump’s victory with caution (Financial Times)
Asia FX traders brace for risk of disappointment by Fed, China (Bloomberg)
Did You See?
Adviser Services Holdings (ASHL) has sold its national advice business – LYNC Wealth Management – to an affiliate of Seven Investment Management (7IM).
ASHL operates both an independent and restricted advice network, Sense and Lyncombe, with a combined £9bn of assets under advice and over 450 advisers.
In 2023, ASHL began acquiring financial advice firms under the LYNC Wealth Management umbrella, with the aim of offering an exit for advisers wishing to sell their business.
LYNC has bought seven nationwide firms that collectively manage £500m of assets under advice, with plans to acquire several more firms in the coming months.
LYNC will become an appointed representative of the ASHL-owned Lyncombe network.
