Good morning and welcome to your Morning Briefing for Tuesday 29 July 2025. To get this in your inbox every morning click here.
Ruth Handcock: Is it time for financial advice to go leapfrogging?
You may be familiar with the concept of leapfrogging, writes Ruth Handcock, CEO of Octopus Money.
It happens when countries, often developing ones, bypass outdated systems and move straight to modern alternatives.
The principle is simple: why progress linearly through something outmoded just because other people did it a generation ago? And it’s got me thinking: What would leapfrogging look like in financial advice?
Starting Out: How dealing with a toddler tantrum made me a better adviser
A few months back, my four-year-old daughter threw a tantrum in the middle of a playpark, writes Christina Mark, an independent financial adviser at Ascot Lloyd.
It was your classic screaming drama-fest, which drew the attention of all the other patrons trying to enjoy a peaceful morning.
This experience prompted me to reflect on the nature of communication. At our core, all of us just want to be seen, to be heard and to be understood.
Quote Of The Day
It is a dark day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission
– French prime minister François Bayrou denounces the framework deal struck in Scotland between the US and the EU
Stat Attack
Workers aged 51–53 could be the first affected if the state pension age rise to 68 is brought forward by a year, according to new calculations by Rathbones. Key findings:
£17,774
Potential loss in state pension payments for workers aged 51–53 if the pension age rise to 68 is brought forward by a year.
£16,436
Estimated loss for workers currently aged 51 under the proposed change.
£16,114
Estimated loss for workers currently aged 52 under the proposed change.
£15,798
Estimated loss for workers currently aged 53 under the proposed change.
2028
Year by which the state pension age is already scheduled to rise from 66 to 67.
2044–2046
Current planned timeframe for raising the state pension age from 67 to 68.
2039–2041
Potential new timeframe for the state pension age rising to 68 if brought forward.
10 years
Minimum notice period recommended before any state pension age rise takes effect.
2029
Year the current review of the state pension age is expected to conclude.
Source: Rathbones
In Other News
Clifton Asset Management has appointed Alex Kovach as chairman of its board, strengthening its senior leadership team.
Kovach brings 35 years of experience in financial services, having held senior roles at Interactive Investor, James Hay and Nucleus.
His career includes leading commercial strategy and integrating major acquisitions, notably the merger of James Hay and Nucleus.
His appointment follows the recent addition of Jo Swain as chief risk officer, who joined last month from Succession Wealth.
Clifton Asset Management, part of the Clifton Group, oversees £2.5bn in assets and supports more than 12,000 clients through its wealth and pension services.
CEO Neil Greenaway said: “Alex has an outstanding track record in delivering growth while putting advisers and clients first.”
Kovach added: “Clifton has a strong proposition, a clear growth ambition and a committed team. I’m excited to help shape its next chapter.”
Exclusive: Buyout groups explore sale of British wealth manager Evelyn, sources say (Reuters)
Food price rises outstrip UK inflation (The Telegraph)
US companies up against ‘nightmare’ tariff wall (BBC News)
Did You See?
People often think apprenticeships are only for school leavers, perhaps because they were traditionally the way for young people to learn a trade instead of doing A-levels or going to university.
However, as apprenticeships have evolved and expanded across different industries, including financial services, the age profile of starters has also increased.
A report published by the House of Commons Library earlier this year proves the point. Less than 1% of people who started an apprenticeship in 2006/07 were aged 25 and over. By 2023/24, this figure had risen to 48.4%, while less than a quarter were under 19.
Of course, the trend does nothing to solve the problem of an ageing financial advice profession. As Unbiased reported last year, most financial advisers are in their 50s, with less than 1% under age 25.
If the profession fails to attract enough young talent to replace retiring advisers, fewer people will get the advice they need. But could the new combined Level 4 standard for financial planning and paraplanning stop that from happening?
Read the full article from Amanda Newman Smith here.
