The advice sector needs 50,000 new advisers says Andy Payne, head of the St. James’s Place Financial Adviser Academy.
He notes that total UK retail wealth is large and growing. Retail liquid assets alone accounted for some £3.8trn as at the end of 2022. With an estimated 13.1 million individuals falling within the mass-affluent category (those with £50,000 to £5m to invest), including 3.7 million open to financial advice, the demand is substantial.
AI will not make up the gap, he suggests. Quite a challenge, if Mr Payne’s correct.
Three IFA firms including Foster Denovo are eyeing automated advice using Multiply AI as Professional Adviser reports.
HMRC has returned £38m of pension tax reports Money Marketing with savers reclaiming over £38m in overtaxation on pension withdrawals in October, November and December 2023.
Over 12,000 reclaim forms were processed during the quarter, with an average reclaim of £3,216.
Approaching £1.2bn has now been reclaimed by people overtaxed on pension withdrawals since 2015.
Abrdn is to axe 500 jobs from its workforce, as London Financial News reports.
Firms may need to do more due diligence on consolidators making the highest bids, says Loyal North’s Debbie Dry on the New Model Adviser podcast.
Craven Street Wealth has acquired Punter Southall Aspire’s financial planning arm, as Corporate Adviser reports.
Building societies are leading charge to cut fixed mortgage rates with falls in two and five-year fixes as Mortgage Strategy reports.