Good morning and welcome to your Morning Briefing for Monday 4 September 2023. To get this in your inbox every morning click here.
Perspective acquisitions
Consolidator Perspective has continued its acquisition spree with a further three acquisitions, bringing its total 2023 count to 15.
The three latest acquisitions are: Prosperity (GB) Ltd in Wingrave, based in Buckinghamshire; AYP Financial Planning Ltd in Hexham, Northumberland; and an undisclosed firm in northeast England.
New wealth management firm
An ex-Brooks Macdonald investment director has partnered with P1 Investment Services to launch his own wealth management firm.
Daniel Minett wants Five Horizons Wealth Management to combine DFM client services with modern technology.
It will operate under the P1 umbrella, using the firm’s regulatory, administrative and tech support framework, as well as its digital-only investment platform.
Metaverse engagement opportunities
Wealth Wizards co-founder and chief strategy officer Tony Vail believes the metaverse offers “exciting engagement opportunities” for the financial advice sector.
In this article, reporter Darius McQuaid explains how.
Quote Of The Day
– Kate Smith, head of pensions at Aegon, comments on the DWP consultation ‘Ending the proliferation of deferred small pots’, which closes on Tuesday 5 September
Stat Attack
New analysis from finance company Premium Credit has found that the cost of educating a child today from reception class to their final year of A levels would on average be around £355,516 if they went to a day school.
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Total cost of education at a private day school from reception class to upper sixth |
Total cost of education at a private day school from reception class to year 6, and then boarding school from year 7 to year 13 |
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Source: Premium Credit
In Other News
Following successful professional rugby careers at Newcastle Falcons, Alex Tait and Will Welch are embarking on a new challenge: to help people plan for and enjoy financial security.
The pair have joined a growing financial advice firm Professional Wealth Management (PWM) as financial advisers, based in Newcastle.
PWM is one of 33 firms under the IWP (Independent Wealth Planners) umbrella.
Welch (33) and Tait (35) have played professional rugby for 15 years and 16 years respectively.
Both players have achieved a huge amount of success and will bring the same passion and energy to their new careers in financial planning and advice.
PWM has delivered work experience and supported the pair as they have achieved appropriate qualifications prior to starting their roles.
From Elsewhere
Why isn’t Canada an economic giant? (Financial Times)
Binance global head of product Mayur Kamat resigns (Reuters)
Chancellor Jeremy Hunt confident ‘inflation is coming down’ and on track to be halved this year (Sky News)
Did You See?
In December 2021, the Financial Conduct Authority put out a consultation paper — CP21/34 — proposing changes to its appointed representatives regime to “reduce potential harm to consumers and markets”.
The AR regime is set in primary legislation and allows self-employed representatives to engage in regulated activities without having to be authorised.
“While the regime has benefits, we have seen a wide range of harm across all the sectors where firms have ARs,” the FCA wrote in its consultation paper.
In this cover feature, chief reporter Lois Vallely looks at what effect the changes are having on networks and their ARs.
