The week ended with a pretty spectacular Supreme Court ruling which struck down a significant proportion of President Trump's tariff programme and yet, crucially, not all. The legal details are on this specialist Supreme Court blog.
Advisers may well be getting a little tired of the drama. While markets briefly benefited, most analysts remained sceptical in the belief that the President would respond using other powers and legislation. That has proved to be the case first 10% global and universal tariffs late on Friday (albeit they must be temporary), then at time of writing this weekend 15% as the BBC reported at the weekend.
The President's officials have demanded that countries also honour agreed tariffs - reported in US tabloid title the New York Post, which sounds like a bit of a legal quagmire if they were first introduced under the legislation which the Court has ruled that the President can't use.
Likewise up for debate, there are questions about whether and how firms can secure tariff refunds with companies demanding money back as the Financial Times reports.
Advisers will mostly want to concentrate on what it means for asset prices and ultimately client portfolios. The answer is it depends.
A complete legal shooting down of the tariff approach would likely have led to markets roaring ahead for a while but that is not now playing out.
Morningstar US has some interesting views from analyst David Sekera. Mostly US based, he suggests examining the fundamentals, which for him, includes looking at things on a share by share basis.
Yahoo! Finance makes a stab at the implications for rates and currencies.
Back to the IFA market. Amber River, a relatively new player on the block with its regional hubs and spokes approach has a new backer, PE firm Stone Point Capital. FTAdviser reports this as a new investment partner. Other websites report this as a purchase. There was talk of £900m as the sum involved before this announcement but it doesn't contain numbers.
Inheritance tax receipts reached £7.1bn in the first ten months of the 2025/26 tax year, according to HMRC data as Money Marketing reports.
The figure for April 2025 to January 2026 is £100m higher than the same period last year and continues a long-term upward trend.
AI's threat to wealth managers is being overplayed says JP Morgan Asset Management. These temporary sector by sector conniptions feel like an odd feature of markets at the moment. Investors are, says JPM, selling first and thinking later. New Model Adviser reports.
