Weekend Reading For Financial Planners (February 24-25)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that while both the total number of RIAs and advisor headcount have seen significant gains in recent years, client assets remain concentrated among the largest firms, according to data from Cerulli Associates, with the 7% of … Read more

A duty to think again

In addition, there are also signs that many consumers, more than seven in 10, have little clue what the Consumer Duty is all about. The FCA has been naturally keen to trumpet the positive impact of the Consumer Duty and its benefits for consumers but these latest figures, in a survey by respected market research … Read more

Direct to consumer platform sales continue to fall

Gross and net flows for direct to consumer investment platforms continued their downward trend in 2023, hitting their lowest point in the fourth quarter of 2023, according to a new report. Annual gross flows for the D2C platform market for 2023 were £40bn with annual net flows for the year at £10.7bn, a fall of 12.2% … Read more

HNW clients expect Labour to win election

  High Net Worth investors – those with assets of more than £250,000 – expect Labour would if a general election if it was held this week, according to new research. The research from wealth manager and Financial Planner Saltus found that 27% of HNW investors say they would vote Labour, 16% for the Conservative and … Read more

Managing Cash Flow in Retirement

Managing Cash Flow in Retirement Posted by Jennifer Bush on Feb 22, 2024 Managing cash flow in retirement is a crucial aspect of financial planning that can feel daunting after decades of receiving regular paychecks. Here are some strategies to consider: 1. Comprehensive Income Assessment: Start by compiling a list of all potential sources of … Read more

Pre-tax statutory profit slumps 84% at Jupiter

Statutory pre-tax profit at Jupiter Asset Management slumped by 84% to £9.4m for the year ended 31 December 2023 (2022: £58m) against a tough economic backdrop. The firm saw total net outflows of £2.2bn (2022: net outflows of £3.5bn) although Assets Under Management rose by 4% by year end from £50.2bn to £52.2bn. Net revenue … Read more

Kitces & Carl Ep 132: What Drives Real Advisor Marketing Success: Vanity Metrics Vs Engaged Prospects

At the end of each calendar year, social media platforms compile a wrap-up of each user’s metrics, showing a theoretical reach for every account’s best-performing piece of created media content and highlighting the “Best Of The Best” on the web, while revealing social media ‘superstars’ who have millions of impressions and followers. But how much … Read more

How to pay TDS on Property

TDS is applicable on sale of immoveable property when the sale price of the property exceeds or is equal to Rupees 50 lakh (50,00,000). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property … Read more

2 in 3 advisers say clients fear outliving their pensions

Over 2 in 3 (71%) financial advisers report that fear of outliving their pension savings was the primary concern expressed by retirement clients, according to a new report. A similar percentage of 200 financial advisers (64%) surveyed by consultancy NextWealth reported that clients also feared inflation and the rising cost of living. Half (49%) of … Read more

New business drops 38% for Hargreaves

Net new business dropped 38% year-on-year to £1bn for Hargreaves Lansdown for the six months ended 31 December 2023 (H1 2022/23: £1.6bn). Profit before tax also fell, by 8% year-on-year, to £182.5m. However, excluding strategic investment and restructuring costs, underlying profit before tax rose 5% year-on-year to £221.5m. Total assets under administration rose 12% year-on-year … Read more

77% lack confidence about accessing their pension

More than three-quarters (77%) of adults do not feel confident about how to access their pensions, according to research. Meanwhile, nearly two fifths of adults said they regretted not seeking advice or guidance before taking their pension. The figures come from Standard Life’s Retirement Voice study which revealed that confidence among adults about how to access … Read more

Abrdn launches Money Market MPS

Investment provider Abrdn has launched a new MPS product, the Abrdn Money Market MPS, to meet client for a low risk MPS alternative to cash products. The Money Market MPS will aim to deliver a return closely aligned to the Bank of England base rate, the firm says. The Bank of England base rate is … Read more

EMPLOYEE SPOTLIGHT – Katharina Ingle

EMPLOYEE SPOTLIGHT – Katharina Ingle Posted by Katharina Ingle on Feb 21, 2024 Learn more about our new member of the MainStreet Team, Katharina Ingle! When did you join the MS team?July 18, 2023 What are you most excited about working for MainStreet?I love the team. Everyone is super knowledgeable, helpful, and patient. I love … Read more

2 firms shut down after LCF-style £3m bond scam

Two financial companies offering LCF-style investment ‘bonds’ have been shut down after a £3m fraud against investors. Some clients lost part of their life savings or pensions cash when the rogue firms, run by a brother and sister, were ordered to be wound up by the High Court. The Insolvency Service took legal action to wind … Read more

FinCEN’s New 2024 Requirement For State-Registered RIAs (And Other Small Businesses) To Report Beneficial Ownership Information (BOI)

In 2021, Congress passed the Corporate Transparency Act, which, for the first time, required small business entities such as LLCs and corporations to report identifying information on their “beneficial owners” (i.e., those who own at least 25% of, or who otherwise exercise substantial control over the business). The law’s provisions became effective on January 1, … Read more

Evelyn expands Surrey Financial Planning team

Wealth manager and Financial Planner Evelyn Partners has recruited Certified Financial Planner Reinoud Noorduijn for its Guildford office as it plans further expansion in Surrey. Evelyn says the hire is part of a plan to increase the number of clients it works with in the county. Evelyn has expanded its Financial Planning team in Guildford from … Read more

Financial services workers failing to take leave

Finance and insurance sector workers are failing to use their full annual leave entitlement and are more likely to be working more than their contracted hours.  The sector has seen a 9.11% drop in annual leave taken per employee from 2022-2023, higher than the national average drop of 7.6%. The data is part of analysis of more … Read more

77% of adults lack confidence about accessing their pension

More than three-quarters (77%) of adults do not feel confident about how to access their pensions, according to research. Meanwhile, nearly two fifths of adults said they regretted not seeking advice or guidance before taking their pension. The figures come from Standard Life’s Retirement Voice study which revealed that confidence among adults about how to access … Read more

Voluntary Disclosures and Why You Need Expert Assistance

A broad range of activities are covered by voluntary disclosures, such as noting potential risks or uncertainties in financial statements and exposing additional revenue to tax authorities. Most taxpayers and registrants in Canada pay their taxes on time. To be fair to them, the Canada Revenue Agency (CRA) ensures that only those who deserve relief … Read more

Financial services workers failing to take holidays

Finance and insurance sector workers are failing to use their full annual leave entitlement and are more likely to be working more than their contracted hours.  The sector has seen a 9.11% drop in annual leave taken per employee from 2022-2023, higher than the national average drop of 7.6%. The data is part of analysis of more … Read more

Pension savers ‘risk losing thousands’ on transfers

Pension savers could be left more than £70,000 poorer in retirement due to overlooking charges when they transfer their pension pots, provider People’s Partnership has warned. The firm, formerly B&CE Pensions, provides the People’s Pension to more than 6.5m people in the UK. Its research showed that 72% of people who had recently transferred their … Read more

Small advice firms to thrive by 2028

In the next five years the financial advice sector will see small adviser firms thrive while the number of clients served will grow by 30%, according to predictions from wealth consultancy NextWealth. Its Future of Financial Advice report published today predicts the shape of the market by 2028. The report suggests that by 2028, small … Read more

4% of DB pension schemes remain open to new members

One in 20 (4%) defined benefit (DB) pension schemes remained open to new members in 2023, new data published today by The Pensions Regulator (TPR) shows. The 199 schemes had a combined membership of 1.2 million savers. A fifth of DB schemes (20%), with total membership of 2.7 million, remained open to future accrual for their … Read more

#FA Success Ep 373: Transitioning To Launch A New RIA By Taking On Passive Investors For Startup Capital, With Ben Hockema

Welcome back to the 373rd episode of the Financial Advisor Success Podcast!  My guest on today’s podcast is Ben Hockema. Ben is the Founder of Illuminate Wealth Management, an RIA based in Barrington, Illinois that oversees $100M in assets under management for 55 client households. What’s unique about Ben, though, is that he spent 13 … Read more