At some stage, we have to hope there is a route back to normality for advisers and their clients. Sadly, various actors on the political stage do not seem content to allow that to happen perhaps most notably Vladimir Putin.
There is a war being waged by Russia on Ukraine and in terms of retaliation, it involves a significant financial element from the US, Europe, Japan and the UK.
In terms of the financial situation, a huge amount focuses on shutting Russian banks out of the global financial system but there is a significant sense of a lot of people not quite understanding what it all means including many experts.
There may be a bank run happening as Russian citizens try and take out money not denominated in rubles.
The Guardian suggests that denying Russia access to the Swift banking information system will inflict pain, but it is unclear how profound an impact it will be.
The Economist hones on the fact that the Russian Central Bank has been expelled from the global system.
BP, the UK’s flagship oil company is to sell its near 20 per cent holding in Rosneft, the Russian energy giant. Who to is the question? Actually another question is why not a month ago?
In what could be described as pure IFA news and comment, Alistair Cunningham, financial planning director at Wingate Financial Planning, offers this brutal take down of crypto investing.
It is worth a substantial quote
“A number of financial advisers are not sufficiently robust in rebutting crypto-speculation. This may be a lack of understanding, a wish not to diminish something that clients see as “a bit of fun”, or it maybe a combination of these reason. As advisers it hurts to be wrong and like all bubbles, those who are early in calling it as such will look very “wrong” before they can claim to be right.
“I can be unequivocal in my views: I sincerely believe cryptocurrencies have no legitimate use and serve only illegality and speculation; neither of which I recommend to my clients.”
Lloyds is to launch digital advice service for mass affluent customers – the definition is interesting - the tailored investment and advice proposition will be aimed at customers with wealth or annual income above £75,000.
True Potential has snapped up 150 former Quilter advisers.
Tenet ARs have been asked to provide the network with access to their personal financial information via the Experian Open Banking Passport, Citywire reports.
This must be driven by the FCA’s drive to require principals to understand their ARs but is it overreach?