Succession has £5.6bn under management and has made operating profits of £2.3million with a turnover increase of 49% to £36.3 million. It also has also made 40 acquisitions to date. Will it meet the £7bn target by the end of the year?
L&G may make a £10bn bid for Prudential’s annuity business according to the Sunday Times – but isn’t that quite a concentration of risk?
New Model Adviser considers where SJP makes and spends its money.
Radcliffe and Newlands Mel Kenny is concerned about the withdrawal of the Unbiased Blue Book and what it may mean about attitudes to expertise and the fact you can find any old opinion on social media. It surely is a worry that consumers may not be able to take this route to find a top quality IFA.
Money Marketing runs a poll asking whether the WASPI women should be given state help to manage the years to retirement. The poll gets as high as 97% in favour. Either IFAs are extraordinarily sympathetic or the poll has been answered by a lot of other folk! Bit of a row in the comments section.
Intrinsic loses £13m but Old Mutual says business flows contribute to the profits of the wider company.
A messy FOS ruling – aren’t they all? - involving an adviser recommendation to opt for income drawdown rather than an annuity. FOS finds against the IFA. The advice dates from 2010 which predates pension freedoms. The adviser is accused of trying to justify the advice with hindsight.
Drewberry finds that around one quarter of the public would like to see a return to commission.
Professional Adviser interviews Sesame executive chairman John Cowan who notes that advisers dominate the retail investment market.
The FCA is questioning 45 advisers about their ongoing charges. I suspect this is about disclosure of charges and not about the level of charging, which some advisers are concerned about. Time will tell.