Money Marketing’s Weekly Must-Reads: Top 10 Stories
This week’s top 10 must-reads from the world of financial services include the sad passing of Aberdeen director Michael O’Brien and Matthew Connell’s take on how the FCA’s vulnerability review is bringing face-to-face advice back into the spotlight.
Aberdeen director Michael O’Brien dies
Aberdeen announced the unexpected death of non-executive director Michael O’Brien on 24 May 2025, aged 62. He joined the board in 2022 and served on key committees. A respected industry figure, O’Brien held senior roles at BlackRock, JP Morgan Asset Management, and others. Known for his insight and warmth, he was also a qualified actuary. The cause of death was not disclosed. Aberdeen expressed deep condolences to his family and friends.
Mattioli Woods, Kingswood create £25bn wealth group
Mattioli Woods and Kingswood Group announced a merger to form a leading UK wealth and financial planning firm with over £25bn in assets under administration and advice. Subject to regulatory approval, the deal will unite over 200 advisers across 40+ offices, serving more than 25,000 clients. The merger aims to boost scale, adviser capacity, and service range, with both firms aligned in values and focused on long-term client-centred growth.
Matthew Connell: FCA’s vulnerability review puts face-to-face back in focus
Matthew Connell reflected on the FCA’s March review into how firms support vulnerable customers. The research highlighted the complex impact of intersecting vulnerabilities, showing how one issue can worsen others. It also stressed the value of tailored, face-to-face communication in building trust and improving outcomes. Connell argued that financial services must become more responsive and connected to serve diverse needs, without expecting every firm to cater to all customers in the same way.
ValidPath: AI won’t replace advisers, but it will redefine advice
ValidPath CEO Angus MacNee stated that while AI would not replace financial advisers, it would fundamentally redefine the advice process. He emphasised a shift from ‘best practice’ to ‘best-path’ advice, where AI delivers tailored, dynamic solutions. MacNee highlighted AI’s growing role in streamlining admin tasks and improving client outcomes. He stressed the need for integrated data and technology strategies to stay competitive, positioning AI as a tool to enhance, not replace, human advice.
Phil Wickenden: IHT planning – more than an estate of mind
Phil Wickenden highlighted that recent inheritance tax (IHT) changes and frozen thresholds increased the need for structured estate planning. He stressed the importance of engaging spouses and family members, noting many advisers still overlooked this. Wickenden argued that emotional factors, especially among female clients, were vital to client retention and effective advice. He urged advisers to develop more flexible, empathetic approaches, showing that deeper family engagement could also boost business value significantly.
Openwork confirms £120m private-equity investment from Bain Capital
Openwork confirmed it had received a £120m investment from Bain Capital to support its growth plans, with regulatory and board approvals secured. Bain Capital acquired up to 30% ownership, and partner Elena Lieskovska joined Openwork’s board. Alongside a new £35m debt facility from Santander, the funding aimed to boost adviser recruitment, succession, and technology. The move marked Bain Capital’s first UK financial advice investment and coincided with Openwork’s 20th anniversary.
Exclusive: UK platforms eye growth through tech, automation and AI
UK investment platforms pursued growth through increased tech investment, automation and AI, according to the inaugural Platform Horizons Report by The Platforms Association and Alpha FMC. The study, covering firms with £928bn AUA, showed top performers allocated 61% of IT budgets to innovation. AI emerged as a key priority, while regulatory changes like Consumer Duty also shaped operations. The report highlighted the sector’s push for efficiency, scalability and improved outcomes for investors.
Dr Thomas Mathar: Why that ‘killer question’ isn’t the key to referrals
Dr Thomas Mathar argued that so-called ‘killer questions’ to prompt referrals often feel forced and transactional. He said advisers should instead adopt a human-centric approach, focusing on creating meaningful experiences that clients genuinely want to share. Referrals, he noted, come not from asking, but from being referable. Advisers should offer support rather than seek names, building trust and empathy that naturally lead to more authentic and valuable client introductions.
AIM market to shrink by a fifth
The AIM market shrank by a fifth in 2025, as 61 companies worth £12.3bn planned to leave, with some moving to the main market, delisting, or merging. Research showed UK small-cap investment had collapsed, and AIM-listed firms were trading at significant discounts. Changes to inheritance tax relief further impacted the market, which saw a sharp fall in IPOs and capital raised, signalling challenges for the future of London’s junior market.
Norris quits Hargreaves Lansdown
Adam Norris, founding director of Pensions Direct at Hargreaves Lansdown, left the firm in March 2008 after nearly ten years. He had established the pension division in 1999 and later led the advisory service. At 37, Norris was among the youngest managing directors in the industry. He departed to spend more time with his family and pursue other interests, with no plans to return to financial services, says chairman Stephen Lansdown.
