Good morning and welcome to your Morning Briefing for Wednesday 13 November 2024. To get this in your inbox every morning click here.
20 years to close the gender pensions gap
At the current rate of progression, it will take another 20 years to close the gender pensions gap.
This is what Scottish Widows independent financial adviser workplace senior manager Susan Hope told Money Marketing while discussing its latest women & retirement report 2024.
However, the report does outline that the gender pensions gap will close in 20 years, only if the government implements further policies encouraging further women to save into a pension.
Advice shouldn’t be just for the rich
I recently had the privilege of attending the Dimensional Advanced Conference in Texas, says Robin Powell.
As any adviser who works with Dimensional Fund Advisors (DFA) will tell you, this is one very impressive company. Its commitment to the fiduciary principle and its steadfast dedication to empirical evidence set it apart from virtually every other asset manager in the world.
“It’s just a shame,” a fellow attendee remarked as we said our goodbyes at the end of the conference, “that it’s only rich people who actually benefit.”
In Conversation With… Catriona McInally
Join us as we delve into the complexities of long-term investing with Catriona McInally, investment specialist at M&G Wealth.
We explore how advisers can guide clients through market volatility, prioritise “real” returns over short-term gains, and adapt strategies in a changing investment landscape.
Quote Of The Day
Inheritance tax is often badged as one of the UK’s most unpopular taxes but can be perceived as ‘voluntary’ in that there are steps that can be taken to reduce its impact.
– Marc Acheson, global wealth specialist at Utmost Wealth Solutions, comments on the fact that reforms to the inheritance tax regime will double the proportion of deaths subject to an IHT charge
Stat Attack
Scottish Friendly’s 2024 Family Finance Tracker, which examines the savings and investment habits of adults across the UK, shines a light on the reality of people’s financial situation and their aspirations.
18%
Of people who own their home outright view their overall financial position as ‘uncomfortable’.
7%
Go so far as to describe it as ‘very uncomfortable’.
62%
Of people who own their own home outright say they are comfortable.
40%
Describe themselves as only ‘somewhat comfortable’ with their overall financial situation.
Source: Scottish Friendly
In Other News
Neuberger Berman has appointed Khalid Albdah as head of Middle East, North Africa, and new markets, effective January 2025.
Albdah will lead the firm’s strategic development across client coverage, operations, and investments in the region.
Additionally, he will join Neuberger Berman’s Partnership Committee.
He brings over a decade of experience from Goldman Sachs, where he served as chief executive of Goldman Sachs Saudi Arabia and co-head of Goldman Sachs Asset Management for the Middle East, North Africa, and New Markets.
Previously he held the role of head of product at Al Rajhi Capital and began his career at the Capital Market Authority (CMA) in Riyadh.
Reeves seeks reform of UK consumer redress in the financial services sector (Financial Times)
The asset of the millennium isn’t what you think (Bloomberg)
Britain’s FCA proposes motor finance complaints extension (Reuters)
Did You See?
A “swivel-chair approach” to technology is stifling adviser productivity and stunting firms’ ability to grow, Timeline CEO Abraham Okusanya has warned.
At the Personal Finance Society’s Rewired conference yesterday (12 November), Okusanya said that in the five years following RDR, adviser productivity grew by over 50%.
However, in the last five, he said research showed it has declined by 10%.
Part of the problem, he believes, originates from “the way our technology stack is set up”.
“Twenty-five years ago, a gentleman from Australia had an idea to bring a piece of technology to the UK that would liberate the financial adviser,” he said.
“What has happened over the subsequent years is that we have numerous technology tools built around this ecosystem.
“As a result, we have ended up with a swivel-chair approach to technology.”
“Stop and think how many tools you now have to log into just to deliver advice to your clients.”
