Millennials are willing to pay an average of just £28.50 ($35.50, €33.12) per hour for financial advice, casting doubt on the industry’s ability to capture younger clients amid the rise of robo-advice, research from financial services PR consultancy MRM has found.
With no date set for new UK chancellor Philip Hammond’s autumn statement, and no hints as to what it will contain, the financial services industry will continue treading water, said Jon Gwinnett, pensions technical manager at Nucleus.
The UK regulator has pulled out the big guns and appointed a former FBI man to head up its retail and regulatory investigations. Deutsche Bank has appointed co-heads of wealth management for Germany and Old Mutual International has named an operations director for the Isle of Man.
Compulsory reporting standards are needed for discretionary fund manager (DFM) firms so that advisers can better compare them, a panel of industry experts has said.
The visibility of data to which platforms have access is going to become increasingly valuable says Barry Neilson, business development director at Nucleus.
Scrutiny by financial advisers of outsourced discretionary funds managers needs to improve, according to UK-based wrap platform provider Nucleus.
Providers expecting the reduced lifetime allowance (LTA) to spur offshore bond sales to UK residents are guilty of “wishful thinking” according to a number of distributors, who are failing to see any increase in appetite.
The ‘industrial revolution’ in technology will continue to overturn both client expectations and the demands they make of financial services firms, says Nucleus CEO David Ferguson.
Several senior appointments and a departure were announced this week at Sanlam, while Aviva Investors lined up new leadership for liquid markets. First Names made two Isle of Man appointments, with two new appointments to AIC’s board also announced.
Several senior appointments were announced this week, with Schroders creating a new role, Artemis appointing a new chief investment officer, and State Street Global Advisors naming a new fund head in the Netherlands.
The expiry of the ‘sunset’ clause will bring pressures for advisers, but asset managers may come under particular strain, argues a new white paper from platform Nucleus.
