Advisers arguably need to keep their eyes on several big pictures. The first is a global one generally involving President Trump with one big question whether he asserts control over US interest policy, a second whether we might see a trade war finally happen.
On the first, The Financial Times sets out some of the implications of the threat to the independence of the Federal Reserve, one of the cornerstones of the global financial system and ultimately of markets. Worth a read if you have a subscripton.
There does appear to be a bit of a developing psychodrama regarding JP Morgan Chase and President Trump.
He announced on Saturday that he will be suing the investment bank within “the next two weeks” for allegedly “bebanking” him after the Jan. 6, 2021, Capitol insurrection. Politico reports.
A day later, Reuters was reporting JPMorgan confirming President Trump's assertion that CEO Jamie Dimon was not offered Fed chair job following reports that he had.
This does not feel like steady as she goes fiscal and monetary policy.
With tariffs being imposed on eight European countries for sending small numbers of troops to Greenland, the standoff over the world's largest island now has a strong economic component as well. The UK Prime Minister Keir Starmer is pushing back on the threat as Sky reports.
Clearly, there is a risk of a full blown trade war between Europe and the US, rather than a series of trade stand offs and adjustments. In general, stock markets have tended to look through and beyond these disagreements and threats with the prevalent opinion that the President often steps back from the brink.
On the domestic front, the number of trusts registered in the UK has surged, with 121,000 new registrations recorded in the 2024/25 financial year alone, Money Marketing reports.
Analysis of the latest HMRC statistics by Utmost Wealth Solutions reveals that the total number of trusts and estates registered with the Trust Registration Service (TRS) reached 835,000 by 29 August 2025.
The firm puts it down to fiscal drag, APR and BPR changes and the coming change to pensions and inheritance. Not surprising, of course, but it would be interesting to understand which is the most important driver, as I write in this Octo Members' analysis.
Transact has announced a further reduction in platform costs after extending its family linking policy to cover a wider range of family relationships as Money Marketing reports.
From 1 April 2026, the platform will allow family linking requests for siblings, siblings’ partners and nieces and nephews, as advisers increasingly focus on intergenerational planning. Very interesting move.
MetLife UK has paid out more than £34m to Individual Protection (IP) customers in 2025 involving 31,553 claims across its accident and illness policies – a 16% increase in claims paid in 2024. Money Marketing reports.
(Must admit I wasn't aware it was operating in this niche.)
Rathbones posted “strong market returns” at the end of 2025, finishing a year where it focused on internal recalibration as its merger with Investec Wealth & Investment was completed and setting it up to focus on its growth targets in 2026. Professional Adviser reports.
One to watch.
AJ Bell has become highly critical of the government in recent months with its CEO Michael Summersgill telling the government its ISA reforms are doomed to fail, as Citywire New Model Adviser writes.
It is clear (well to any adviser) that the shifts in the ISA regime are very unlikely to see savings flooding into funds. It needs a much more coherent approach given that it will probably require a change of culture among savers themselves.
Interesting to read this story in conjuction with this, again in NMA from two weeks' ago, which shows platforms meeting HMRC to discuss the practicalities of the move to cut the cash limit.
