Working for a financial adviser does seem to be a reasonably lucrative choice. The average basic salary for supervisor-type roles at financial advice businesses has reached £86,131, a survey from Paul Harper Search has revealed and as FTAdviser reports.
The data, derived from headhunted professionals, revealed that the average basic salary for first line roles stands at £86,131 while the average salary for second line roles stands at £138,000.
Interesting story.
The number of people who pay additional rate tax on their income has reached its highest level ever at 862,000, according to latest government figures with a 55% increase expected this year, with AJ Bell adding its analysis. Professional Adviser reports.
The FCA has opened up the Long-Term Asset Fund (LTAF) structure to self-select defined contribution investors and other retail investors. Previously only institutional style pensions could invest.
The LTAF is a type of open-ended fund, which the FCA introduced in 2021, designed to encouraged investmentt in long-term, illiquid assets, such as venture capital, private equity and private debt, real estate and infrastructure. Could be interesting to see what the take up is. However the next story is also a cautionary tale.
There have been a lot of ructions with the water sector in the UK of course including the capital structures. Thames Water in particular appears to be in some distress while paying high rates of interest on debt.
New Model Adviser examines asset managers’ bond exposure, here.
One of the UK's largest private pension funds has backed Thames Water to turnaround its finances and performance after fears the firm could collapse.
The Universities Superannuation Scheme, a major investor in the water firm, is the first to publicly support it as it looks to secure extra funding as the BBC reports.
USS is, of course, a major shareholder, so it would much rather see a rescue than a crash.
A few thoughts however. First the model doesn’t really seem to work for customers. Second, it poses some interesting questions for dividend-seeking investors. Some of the vehicles such as those created previously by Macquarie on behalf of global pension funds were more generous (and extractive?) than divis available to the broader investment market.
Obviously it is hard to see where this ends up but it may make sense to keep a watchful eye on developments with pressure to create public interest firms with more limited scope to pay out to investors.
Have to say that New Model Adviser is currently a very reliable source of scoops.
It reports that the FCA ordered review into WealthTek in 2022 a year before £81m went missing and questions for FCA over its speed in protecting clients from losses.
