Good morning and welcome to your Morning Briefing for Thursday 5 December 2024. To get this in your inbox every morning click here.
Advisers ‘not doing enough’ to attract next generation
Financial advisers are increasingly concerned about losing assets as a result of the great wealth transfer, but many are not doing enough to attract the next generation of clients, Schroders has warned.
In its latest UK financial adviser survey, the firm found 62% of respondents are concerned about the impact that wealth transferring between generations could have on their business.
While this is marginally down from the 63% seen in November 2023, there is still “significant concern” about what is happening in this space.
AJ Bell’s record-breaking results
AJ Bell has announced a share buyback programme to return up to £30m to shareholders after another record-breaking set of financial results.
Its full-year results showed strong performance in its dual channel platform business, with customers increasing by 14% to 542,000 and AUA rising by 22% to £86.5bn.
The investment arm of the business also performed well, with with assets under management (AUM) up 45% in the year to a record £6.8bn.
To fee or not to fee?
How can we remove barriers to enable more people to access advice?
It’s a question that regularly crops up — and with good reason.
One debate is around initial advice fees, and whether scrapping them altogether may be a way of opening doors that have otherwise been firmly shut.
Quote Of The Day
Ministers have attempted a charm offensive to tempt more firms to choose the City for stock market launches. But it’s clear the reforms enacted and proposed don’t go far enough to persuade the big hitters to add more shine to London’s reputation
– Susannah Streeter, head of money and markets at Hargreaves Lansdown, on the costs of trading in London compared to the US
Stat Attack
Leaders in the financial services industry are not effective allies to the LGBTQ+ community, according to a new report by LGBT Great.
The study, based on data from respondents across seven countries, reveals both the barriers and opportunities for LGBTQ+ talent within the sector. It found:
40%
Four in 10 Gen Z LGBTQ+ professionals believe leaders in the financial services industry are ineffective at being allies to the LGBTQ+ community.
22%
One in five LGBTQ+ professionals perceive the financial services industry as not inclusive of all sexual orientations and gender identities.
70%
of LGBTQ+ talent agreed the financial services industry offers attractive compensation and benefits.
2x
However, they remain nearly two times more likely than non-LGBTQ+ talent to view the sector as having an unhealthy work/life balance.
3x
LGBTQ+ talent are three times more likely to strongly agree that financial services lacks diversity.
3.3x
This increases to 3.3 times among those with financial services experience.
23%
of LGBTQ+ talent finds the culture of the financial services industry to be the most negative factor.
17%
This decreases for LGBTQ+ talent with industry experience, suggesting that the industry impression from the outside is worse than reality.
64%
Two-thirds of LGBTQ+ talent choose employers that have been assessed for LGBTQ+ sensitivity and inclusion.
1,830
The number of people surveyed.
Source: LGBT Great
In Other News
AdvisoryAI announced the launch of its innovative mobile app designed specifically for financial advisers in the United Kingdom.
The app introduces a secure and efficient solution for managing client meetings and note-taking, addressing a critical need in the financial advisory sector where up to 63% of client meetings occur in person.
The AdvisoryAI Mobile App features recording, transcription capabilities and instant meeting notes with the AI model specifically trained on financial terminology and UK regional accents.
The app automatically captures and transcribes meeting conversations, generates structured reports and securely stores all data using enterprise-grade security measures.
“Our mobile app represents a significant step forward in how financial advisers manage face-to-face client meetings and sensitive information,” said Alan Gurung, CEO of AdvisoryAI.
“By eliminating manual note-taking and providing secure, automated documentation, we’re enabling advisers to focus entirely on their clients while ensuring all critical information is captured and protected.”
Key features of the AdvisoryAI Mobile App include:
– Automatic transcription optimised for financial terminology
– Instant meeting report generation
– Secure AWS-based data storage
– On-the-go access to meeting notes and client information
The AdvisoryAI Mobile App is now available for download on both the App Store and Google Play Store.
Bitcoin hits $100,000 as Trump era hopes grow (Financial Times)
Billionaires emigrating more frequently since Covid, UBS says (Bloomberg)
Barclays reaches $19.5m settlement over debt sale blunder (Reuters)
Did You See?
Foster Denovo has expanded its presence across the Midlands with the acquisition of Burton-upon-Trent-based IFA Brian Mole Independent Financial Advisers.
This latest deal marks the national firm’s sixth acquisition in 12 months and adds a 14th office as it continues to establish its UK footprint.
It means seven advisers, together with nine support staff serving 1,300 clients with assets under advice approaching £300m, become part of the Foster Denovo group.
