Good morning and welcome to your Morning Briefing for Thursday 4 December 2025. To get this in your inbox every morning click here.
AJ Bell’s D2C growth leads as platform hits milestone
AJ Bell’s direct-to-consumer (D2C) business is expanding faster than its advised channel, helping the platform surpass £100bn in assets under administration for the first time.
For the year to 30 September 2025, platform AUA rose 19% to £103.3bn, driven by record customer growth across both channels.
The strongest momentum is in D2C, where customer numbers jumped 25% to 462,000 after sustained investment in brand, advertising and digital marketing. Advised customers also rose, but at a more modest 6% to 182,000.
Aviva upgrades tech as guaranteed income demand surges
Aviva has completed the first phase of a major technology overhaul of its individual annuities business as demand for guaranteed income continues to rise.
The provider has gone live with GBST’s Composer platform, which will underpin new product development and the migration of existing annuity customers.
The rollout follows a sharp resurgence in annuity sales as higher rates and increased later-life risk awareness push more retirees away from drawdown.
Greater clarity and stability still needed post-Budget
The Autumn Budget arrives after weeks of speculation yet offers little strategic clarity, writes Liz Field, CEO of PIMFA
Field argues that although the chancellor takes a pragmatic approach given difficult economic conditions, the Budget feels politically driven and lacks a central vision for growth, despite previous government messaging focused on boosting the economy.
She warns that stability and predictability are essential for long-term financial planning, yet the Budget delivers another round of small, isolated tax adjustments.
Quote Of The Day
It delivers on the regulator’s objectives of cutting additional burdens on firms without losing, and indeed building, consumer protections
– Richard Pinch, senior director of risk at UK consultancy Broadstone, comments on the FCA’s latest simplification of its complaints rules
Gen Z professionals are rising into leadership roles faster than any generation before them, according to new research from talent and training partner, mthree. Key findings:
86%
of Gen Z managers felt ready when first given leadership responsibilities
43%
felt “very ready”. Only
24%
of older generations felt ready at the same stage
Readiness by sector (Gen Z “very ready” vs older peers):
Technology: 65% vs 40%
Banking/finance: 32% vs 23%
Public sector: 27% vs 19%
64%
of Gen Z leaders have received structured leadership training compared with
76%
of Millennials
Leadership capability gaps reported by older colleagues:
47%
say Gen Z managers struggle with decision-making
46%
say they struggle with conflict management
Source: mthree
In Other News
Brooks Macdonald Group plc has appointed Euan Munro as a non-executive director of its board.
Munro brings over 30 years’ experience in the global asset management industry, with a strong track record of building and leading successful investment businesses.
He has held senior leadership roles at Standard Life Investments, Aviva Investors and, most recently, Newton Investment Management, part of BNY Mellon.
Maarten Slendebroek, chair of Brooks Macdonald, said: “We are delighted to welcome Euan to the Board.
“He is highly respected across the professional UK investment and IFA communities, and his insight and leadership will be valuable as we continue to focus on delivering strong investment performance for our clients.
“Euan will further strengthen the Board, and we look forward to working together.”
SmartSearch has expanded its integration with Twenty7tec by adding SmartDoc, its facial-recognition and document-verification tool, to the ADVICE platform.
The update brings SmartSearch’s AML and ID-checking capabilities into a single system, enabling faster onboarding and real-time fraud detection.
SmartDoc uses AI to verify documents from more than 200 countries, delivering instant checks with pass rates of up to 97%.
SmartSearch partnership director Kerry Cleary said the move will make compliance “simpler, smarter and more efficient”.
Twenty7tec commercial director Nathan Reilly said enhancing the existing AML link with SmartDoc provides firms with “an extra level of KYC and AML assurance”.
From Elsewhere
Bond investors warned US Treasury over picking Kevin Hassett as Fed chair (Financial Times)
Franklin Templeton sees 6% UK yields, warns of Budget reckoning (Bloomberg)
Australia says the world will follow social-media ban as Meta starts blocking teens (Reuters)
Did You See?
What happens when you bring advisers, networks and providers into one room to discuss the state of protection? A candid and sometimes uncomfortable conversation about a sector under real pressure.
Money Marketing’s recent roundtable, sponsored by The Exeter, explores the challenges and opportunities in protection.
The discussion covers service, pricing, mental health, technology and the role of BDMs.
Read the full roundtable discussion here.
