The Morning Briefing: Tech satisfaction and interest in MPS

Good morning and welcome to your Morning Briefing for Thursday 21 September 2023. To get this in your inbox every morning click here.

Tech satisfaction up

Mid-pandemic, adviser satisfaction with tech providers fell pretty low. But it has rebounded in the past two years.

In a survey for NextWealth’s latest report, 43% of adviser respondents said they were satisfied with their tech provider.

This was up from a low of 27% in 2021 and was also an improvement on last year’s level of 38%.

MPS interest jumps

Legal and General Investment Management told reporter Darius McQuaid that advisers are showing more interest in its MPS offering since the Consumer Duty came into force.

The business’ head of regional sales Antony Teare said he believes the Consumer Duty has been a “benefit” for LGIM’s MPS business.

The new rules have caused a large amount of work and so it can be hard for a small IFA business to take on, he added.

Thriving under pressure

Ryan Sharpe writes that it has been five months since she embarked on a career in financial services and started as a junior paraplanner.

“As time has passed, my role and responsibilities have slowly grown,” she says. “Progression so far has been at a good pace — just fast enough to keep me on my toes but not enough to become overwhelming.”

Quote Of The Day

With today’s pause, we are now in the waiting game with the Fed to see if their action to date is enough to achieve the coveted ‘soft landing’ in the US.

– Richard Carter, head of fixed interest research at Quilter Cheviot, comments on the Federal Reserve’s decision to hold interest rates

In Other News

eToro, the trading and investing platform, has announced that its application for registration under the CySEC CASP (Crypto Asset Service Provider) Register has been approved.

The registration will enable eToro to offer regulated crypto services to all EU countries on a cross-border basis from one single entity, eToro (Europe) Digital Assets Ltd, once the EU’s Markets in Crypto-Assets Regulation (MiCA) comes into effect in December 2024 as expected.

eToro deputy chief executive Hedva Bersaid: “This registration signals that we are 100% ready to embrace a new era for crypto once MiCA comes into effect next year.

“As a global company regulated in various markets around the world, we are very much looking forward to the increased certainty and security that MiCA will offer to both consumers and reputable businesses in this space.”

Private Client Network, a networking group dedicated to empowering private client professionals in expanding their professional networks, has announced its extensive expansion in nine major cities across the UK.

Additionally, the organisation is launching a comprehensive membership scheme, offering a wide range of opportunities for professional growth and collaboration.

Co-founder Simon Tutton said: “In-person networking is as important, if not more so, than before the pandemic. We often operate in such a remote way that chances to bring people together in a meaningful way should be seized at every opportunity.”

Long time network attendee and now City Host, Emily Peacock, solicitor at Michelmores, said the events are an “invaluable opportunity” to make “meaningful and enduring” connections with other private client professionals.

Did You See?

In this episode of In Conversation With, host Lois Vallely talks to Sarah Lyons from Parmenion and Hayley Rabbets from The Verve Foundation about how advice firms, and the wider financial services space, are dealing with the advent of the Consumer Duty.

They discuss the advice gap, and how the industry can support new entrants into financial services and improve diversity across financial advice and fund management.