Good morning and welcome to your Morning Briefing for Thursday 23 February, 2023. To get this in your inbox every morning click here.
Network advantage
The advantage of being part of a network is that it can do the heavy lifting on the Consumer Duty for advisers, Setul Mehta says.
The Openwork Partnership head of partnership services told Money Marketing that advisers in their network benefit from its size.
He spoke with our reporter Momodou Musa Touray about the subject.
Percentage fees
For years debates have raged about fee models among advisers.
David Lamb, director at Lamb Financial and ScoreMy, wrote a column on this topic that inspired passionate commentary from our readers.
It has inspired this week’s poll below.
Loading ...Iress focus
Software services giant Iress is looking hard at the performance of its UK and European businesses.
In annual results published on Monday 20 February the Australian-based company flagged the performance of its businesses in the region.
Last summer Iress said it will crease support of the Adviser Office system from mid-2023.
Quote Of The Day
Despite a cap on costs being introduced later this year, people are still concerned how they might be able to bridge the gap between their own financial position and the potential cost of care.
– Alice Watson, head of marketing communications at Canada Life UK, comments research showing cost of care is a top concern for a large number of over 55’s
Stat Attack
Over 160,000 small businesses in the UK with between one and nine employees, will not have employer’s liability insurance by the end of the year, according to new research from Smart Money People.
65%
Are worried about being unable to access the additional support embedded within insurance policies
52%
Are concerned about the financial aspect of being uninsured and not being able to claim, or having to find the funds themselves
27%
Feel they may be unable to pitch for or undertake certain types of work, potentially risking the future growth of their business
Source: Smart Money People
In Other News
Frostrow Capital LLP (Frostrow) has appointed Neil Winward, who will head up the investor relations and marketing activities.
Winward has spent over 25 years working in the investment companies’ sector.
He joins from Jefferies, where he spent three years as the co-head of the Investment Funds team.
Prior to that, he spent nine years in the Stifel Nicolaus (formerly Oriel Securities) Investment Companies’ team.
Winward started his career as a fund manager with City of London Investment Group, then with Quilter & Co, before spending six years in the Investment Companies teams at Allianz and AXA, where he was head of investment trusts.
Multrees Investor Services has announced new appointments as the company continues its rapid expansion.
David Harrand has joined the group as business development manager and Martyn Johnson moves into the role of chief technology officer.
Harrand has previously held relationship manager, account director and business development roles within the financial services sector, most recently with trading services firm SIX Securities Services. He also previously held the role of relationship manager at Pershing where he both managed clients and developed new revenue streams.
He will be responsible for building client relationships and helping to drive forward the firm’s growth.
Martyn Johnson, with 23 years industry experience including most recently Fund Services at JP Morgan, will be responsible for setting and delivering the firm’s ongoing technology roadmap covering Cyber Security, Infrastructure and Application Development.
Global wealth management platform FNZ has acquired YieldX, a US-based provider of fixed-income portfolio management technology and optimization services for the wealth management industry.
The acquisition brings together the full-service end-to-end platform of FNZ with YieldX’s digital infrastructure and technology solutions.
As a result of the acquisition, Adam Green, co-founder and CEO of YieldX, has joined FNZ as CEO of Asset Management, North America, and Steve Gross has joined as head of Asset Management Strategy for North America.
Together with the senior leadership team, they will support the expansion of asset management products, solutions, and technology across North America.
From Elsewhere
Steel industry fears more job cuts without help (BBC News)
Women work two months for free, reveals TUC analysis (The Guardian)
Is a frozen market worse than a house price crash? (Financial Times)
Did You See?
The Financial Conduct Authority has formally required two firms to stop making unsolicited settlement offers to former members of the British Steel Pension Scheme (BSPS).
On 7 February, the FCA had warned advice firms they should stop making these approaches.
Abbey Lane Financial Associates Limited and Estate Capital Financial Management Limited are the two firms that the FCA required to stop making these unsolicited settlement offers.
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