He will also be serve as a member of the group’s executive committee as the business refocuses exclusively on wealth management.

His appointment is subject to regulatory approval.

Mahvelati will join Evelyn Partners from PwC UK, where he is a strategy and operations Partner and leads the financial services value creation practice.

His experience prior to PwC includes hands-on operational roles at UBS Investment Bank and Natwest Group, as well as working for strategic consultancy firms.

At Evelyn Partners he will lead cross-functional change programmes, client journey changes, tech, data, security, operations, M&A, strategy and central services.

The appointment is a part of a planned transition following the recently announced sale of Evelyn Partners’ Professional Services and Fund Solutions businesses.

Evelyn Partners chief executive officer, Paul Geddes, said: “We are delighted that Bids is joining the leadership team at this pivotal stage in the development of the business as we refocus on the considerable growth opportunities that we see in the wealth-management sector.

“Bids knows Evelyn Partners really well and with his depth of experience in senior advisory roles and operations, and ability to bring both strategic insight and develop practical solutions, he is ideally positioned to help us deliver our transformation plans and achieve the next stage of our growth.”

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We Are Change is the Verve Foundation’s primary initiative supporting successful candidates through training for the benefit of the profession.

It offers a two-year course that supports progression towards the Diploma in Regulated Financial Planning (Level 4), showcases the variety of roles in the sector and offers guidance along the way to employment.

Each participant signs up to a time-intensive programme that fits around their existing work.

Hayley Rabbets, head of Verve Foundation, said the business is “over the moon” to be collaborating with Calton and Fundment on the initiative.

“Both firms are spearheaded by innovative and forward-thinking teams, who truly understand the action required to make impactful changes within the profession,” she added.

“By supporting our students, they are not only giving new talent the opportunity to gain qualifications but are creating opportunities for them to start a career in finance. A career they have actively chosen.

“It’s all too often that we hear grumbles about needing change in the profession, but rarely do firms take action towards making those changes.

“We are delighted that Calton and Fundment are breaking that mould and collaborating with us to really make a difference.”

Calton chief executive Tom Ham said: “We Are Change is about commitment, to people and to the profession.

“We at Calton are committed to making change and doing things differently, in a way that lays a foundation for the future.

“I am thrilled to support an enterprise so close to our mission: to make financial services better and more accessible at every level.

“The Verve Foundation is already leading the way and showing that making change is more than just talk. I look forward to what’s to come.”

Fundment founder and CEO Ola Abdul added: “The We Are Change programme is already making a real-world, practical difference, opening doors to tomorrow’s financial-advice professionals, and we’re delighted to be a sponsor.

“By combining technical learning with professional development and industry insights, We Are Change isn’t just training the next generation – it’s empowering them to drive financial services forwards for years to come.”

In February last year, the Verve Foundation partnered with Antony George Recruitment to both encourage and support new talent into the financial-services industry.

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I had heard of Warren Buffett long before I joined Money Marketing in 2021.

I used to write for a utility magazine, and we would often cover news about Northern Powergrid, which is one of the companies that Buffett’s company Berkshire Hathaway invests in.

But even without having written about him, how could one not have heard of him? He is the most famous living value investor.

And the story of how he got to where he is today is pretty remarkable.

He first bought stock at age 11. Sources differ on his age when he filed his first tax return but it was around 13, when he declared earnings from his boyhood paper route.

He first bought shares in Berkshire Hathaway – then just a textile company – in 1962, becoming the majority shareholder by 1965. He then expanded the company’s holdings to insurance and other investments in 1967.

Buffett is often referred to as the ‘oracle of Omaha’. He is a buy-and-hold investor who built his fortune by acquiring undervalued companies.

More recently, Berkshire Hathaway has invested in large, well-known companies. The firm’s portfolio of wholly-owned subsidiaries includes interests in insurance, energy distribution and railroads, as well as consumer products.

Like many seasoned investors, Buffett is a notable Bitcoin sceptic.

At the grand old age of 94, he still serves as Berkshire Hathaway’s chief executive. In 2021, though, he stated that his likely successor would be Gregory Abel, head of the firm’s non-insurance operations.

Warren Buffett’s net worth over the years

There is no denying that Buffett is a hugely successful investor. Forbes magazine estimates his current net worth to be $146.2bn (that’s £91.4bn). You don’t get to be the 10^th richest person in the world if you don’t know what you’re doing.

So, what sets him apart from his peers?

At a roundtable lunch I attended recently, Sanford DeLand Asset Management fund manager and chief analyst Eric Burns talked about what it is that Buffett looks for in an investment.

One important consideration is that he prefers businesses that are proven and established. He avoids speculative, pre-revenue ventures.

He focuses on companies with track records that can be analysed and understandable business models. A key discipline in investing is being able to answer the fundamental question: how does the business make its money?

Investors should be able to explain this clearly to a layperson. Buffett avoids esoteric businesses that cannot be easily understood by a reasonably intelligent person.

Management should avoid reckless spending sprees and unnecessary mergers and acquisitions

Another crucial factor is strong management, says Burns.

This means leadership that acts with an owner’s perspective, rather than career managers with a background in consulting.

Ideally, these individuals have invested human capital in the business and are committed for the right reasons. Burns suggests a major way to assess senior management is by their capital-allocation decisions.

For an investor, it is essential to ensure that management can grow the business in the right way.

Rational capital allocation is critical, meaning management should avoid reckless spending sprees and unnecessary mergers and acquisitions, which banks might encourage but may not be in the company’s best interest.

Effective capital allocation must consider the impact on the business and equity returns.

There is also a quantitative aspect to Buffett’s approach.

First and foremost, he looks for high returns on capital, which includes both equity and debt.

Cash flow is another important factor.

Unlike accounting figures that can be manipulated, cash flow over many years provides a true reflection of a company’s economic worth.

And a sensible balance sheet is essential – one that is not overly leveraged or financially engineered but appropriate for the business.

Buffett has distilled his approach into some simple principles.

He focuses on the underlying business, recognising that when buying a share he is purchasing a small economic interest in a real enterprise.

He is also very patient. Despite frequent speculation about his methods being outdated, history has shown that his long-term approach works. Maintaining patience and discipline is crucial, especially when others doubt his strategy.

Another guiding principle is his “circle of competence”, Burns says. He sticks to what he knows and understands, avoiding overly complex areas outside his expertise.

What doesn’t he do? He does not engage in short-term speculation.

Investors should stay focused on business quality and their long-term vision

He views shares as ownership stakes in real businesses, not as chips at a casino table for quick trades and speculation.

He also avoids excessive trading, recognising that frequent buying and selling incur brokerage costs that erode returns over time.

Instead, investments are made with a long-term horizon in mind.

Finally, Buffett advises against obsessing over the unknowable.

Many commentators speculate on inflation, interest rates and other unpredictable factors.

Recent market fluctuations illustrate this point, with bond yields and inflation concerns fluctuating within days.

Rather than reacting to short-term noise, investors should stay focused on business quality and their long-term vision, avoiding distractions from external, unpredictable factors.

Buffett’s most famous investment illustrates his investment strategy perfectly. Berkshire Hathaway acquired 400 million Coca-Cola shares in various lots between 1988 and 1994.

At the roundtable, Burns compared the company to BP that, in the short term, had a high dividend yield. But over decades, Coca-Cola kept reinvesting and growing.

Buffett made the call to buy because he was less focused on value and more focused on quality. And his instincts were right.

In total, Berkshire Hathaway spent around $1.3bn to acquire its shares. After over 30 years of appreciation, those shares are now worth around $25bn.

Share price of BP (blue) versus Coca-Cola (orange)

So, a tip for investors wanting to invest like Warren Buffett: focus your attention on the quality of the business you are buying.

Because, in his words: “It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”

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Reporting to chief asset management officer Edward Park, Morrissey will lead macroeconomic and quantitative strategy teams, shaping the firm’s asset-allocation decisions.

Morrissey joins after a 23-year tenure at HSBC, where she most recently managed £16bn as head of world selection and global strategy funds.

At Evelyn Partners, she will guide the Tactical Asset Allocation Group, build consensus on strategies and communicate the firm’s investment perspectives to internal and external stakeholders.

Additionally, Morrissey will recruit a team of investment specialists to deliver Evelyn Partners’ house view, investment process and products.

Commenting on the appointment, Edward Park said: “We are delighted to welcome someone of Kate’s calibre and track record to the central investment team.

“Her proven leadership and collegiate style are well aligned with the Evelyn Partners investment process, and I look forward to working with Kate to develop our investment approach and establish the investment specialist team.

“This group will be dedicated to delivering our key investment messages to our internal and external partners.”

Morrissey added: “I am delighted to be joining Evelyn Partners at such an exciting time. I am looking forward to working alongside Edward Park and the broader team to strengthen our asset allocation process.

“In partnership with the investment management teams, I am excited to help drive the investment proposition and deliver best-in-class solutions for our clients.”

The wealth-management firm currently oversees £62.7bn in assets. In January, it reported gross inflows of £2.1bn in Q4 2023 – 50% higher than the same period last year.

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CST manages around £170m in assets for about 500 clients, offering financial planning for both individuals and businesses.

This acquisition bolsters Brooks Macdonald’s presence in Wales and aligns with its strategy to expand client reach and drive growth in financial planning.

The move follows Brooks Macdonald’s recent acquisitions of LIFT-Financial and Lucas Fettes Financial Planning.

Andrea Montague, chief executive of Brooks Macdonald, said: “CST Wealth Management is well known to our Cardiff team for their excellent client service. We are delighted to welcome them to Brooks Macdonald as we increase our offering in Wales and grow our presence in financial planning, aligned with our strategy to reignite growth.”

Gwyn Williams, director of CST Wealth Management, added: “We are pleased to be joining Brooks Macdonald, which has a great reputation and shares many of the values that have driven our success to date. We look forward to becoming part of the BM team and to the benefits it will bring to our clients.”

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The study, which surveyed professionals across the UK, Canada, Italy, the Netherlands, Germany and Switzerland, revealed that nearly two-thirds (64%) expect a 20% or more increase in clients by 2027.

The research included wealth managers and financial advisers representing organisations managing approximately £1.207 trillion in assets.

The anticipated growth is attributed to the rising number of mass affluent and high net worth clients, as well as increased investment in technology by wealth management firms.

Three-quarters (75%) of respondents reported growing demand from affluent and high net worth individuals, driving the need for enhanced financial services.

Over half (55%) of those surveyed highlighted that their investment in technology is a key factor in fuelling growth.

Technology is not only boosting efficiency, as noted by 46% of respondents, but also enabling firms to offer more client-centric services, according to 29% of participants.

The study further revealed that 59% of wealth managers and financial advisers have seen an increase in the number of clients they serve over the past five years. Only 5% reported a decline, while 36% observed no change.

Looking ahead, an overwhelming 98% of respondents expect their client numbers to rise over the next three years.

These findings underscore the optimism within the wealth management sector, driven by both market demand and technological advancements, positioning the industry for continued expansion.

Tessa Kuijl, managing director, Global Wealth Solutions, at Ortec Finance said: “Rising numbers of mass affluent, high net worth and ultra-high net worth individuals wanting support from wealth managers and financial advisers is driving global growth in the sector.

“However, in this digital age, investment in customer-centric advice technology by firms is an important enabler of client growth, with firms able to improve their propositions in general while also being able to enhance service to clients and work more effectively.”

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The firm’s gross inflows reached £8.5bn, up from £8bn in the same period last year. Despite a slight decrease in client fund retention (94.6% compared to 95.6% last year), it achieved net inflows of £1.9bn.

This represents an annualised 2.3% of opening funds under management, a decline from last year’s 4.6%.

The firm also reported a net increase of 3% in its client base, reaching 988,000 clients, up from 958,000 at the end of 2023.

On the financial front, SJP’s underlying post-tax cash result was slightly lower at £205.2m compared to £207.1m in the previous year.

However, the firm saw a small increase in IFRS profit after tax, rising to £165.1m from £161.7m last year.

SJP also stated that it is on track to implement a new and simplified charging structure in the second half of 2025.

In addition, its review of historic client servicing records is focused on building infrastructure to analyse substantial amounts of data, with SJP confident that it is able to meet the associated costs.

Looking ahead, the firm plans to focus its strategic efforts around four pillars:

• Brilliant basics: Simplifying and standardising operations to ensure excellent client outcomes.
• Differentiated client proposition: Enhancing offerings across diverse client segments.
• Leading adviser offering: Setting the benchmark for financial advice in the UK.
• Performance-focused organisation: Driving performance through empowerment and accountability.

It has also announced an ambitious cost base reduction programme, aiming for full run-rate savings of £100m annually by 2027, equivalent to a 15% reduction.

The initiative involves total costs of £80m, largely incurred in 2025 and 2026, with anticipated cumulative net savings approaching £500m by 2030.

SJP claims these savings will be reinvested into the business, supporting strategic initiatives and underpinning long-term growth ambitions.

The firm expects these efforts to be cost-neutral through 2024-2026. Projected benefits include £30m before tax in 2027, increasing to £50m in 2028 and £70m from 2029 onwards.

This strategy supports SJP’s goal to double its underlying cash result from 2023 to 2030.

CEO Mark FitzPatrick said: “I am encouraged to report robust business performance for the first half of 2024 across each of our key operating and financial metrics, demonstrating the continued resilience of our business model even as we work to address the past challenges that I set out earlier in the year.

“We must though acknowledge that for all our qualities as a business, we have a lot of hard work ahead of us over the next 24 months to strengthen our core and execute our existing programmes of work, helping us to become a more efficient and effective business.

“I am confident that the approach set out following our business review will enable us to achieve annual FUM growth in the mid-to-high single digits over time.”

SJP ended 2023 with record funds under management (FUA), but net inflows fell by almost half.

This followed a turbulent year, with the removal of the firm’s controversial exit fees as part of an overhaul of its charging structure and the departure of its previous CEO Andrew Croft.

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Gamble joins M&G from Hargreaves Lansdown, where she is currently group chief risk officer.

In this role, she has been responsible for leading the firm’s risk and compliance functions for the last four years.

Gamble was previously CRO at Fidelity International, and prior to that held a number of senior leadership positions at Deutsche Bank, Barclays and GE Capital.

Having spent the early part of her career focused on credit risk in her native Canada, she has more than two decades of international experience in financial and non-financial risk management.

She will join the business in 2025 and report to CEO Andrea Rossi. Gamble will also sit on the group’s executive committee.

Rossi said: “I’m delighted to welcome Shawn to M&G. Attracting someone of her calibre is a strong endorsement of M&G as we continue to drive growth and deliver against our strategy.

“Her proven track record for working effectively within diverse organisations will be invaluable in the evolving international regulatory and risk environment in which M&G operates.

“We will also be able to draw on Shawn’s experience of both the UK and European financial markets as we pursue our domestic and international growth ambitions.

“I also want to thank Louise Gelling, interim CRCO, under whose stewardship the risk and compliance team have continued to deliver.”

Gamble said: “It’s an important moment for the savings and asset management industry, as international regulatory regimes are being scrutinised to ensure positive customer outcomes, while allowing markets the freedom to grow and capitalise on measured risks.

“I’m excited to be joining M&G at such a pivotal time as it navigates complex risk management to leverage its three core businesses: Life, Wealth and Asset Management and target strong returns for customers and investors.”

Gamble’s appointment is subject to regulatory approval.

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According to the research, one in five investors (20%) are “very concerned” about their adviser’s retirement, while an additional 26% are “quite concerned.”

The study surveyed 535 UK investors with stock market-related investments. It found that 61% of clients plan to stay with the same firm and choose another adviser within the company if their current adviser retires.

In contrast, 31% said they would seek a new adviser independently and 8% indicated they might stop using a financial adviser altogether.

The apprehension surrounding adviser retirement is compounded by the belief among 21% of respondents that their adviser will retire within the next two years, with 41% expecting it to happen within the next five years.

This concern is supported by additional research conducted by Investec, which surveyed 100 financial advisers and planners.

Nearly half (49%) of these professionals have plans to retire within the next five years and 35% aim to retire by 50.

Gender differences also emerged in the study, with 52% of men expressing significant concern over their adviser’s potential retirement, compared to only 25% of women.

Nick Vaill, senior investment director at Investec Wealth & Investment (UK), said: “It is entirely understandable that clients often find themselves worrying about what will happen to their financial investments and affairs when their adviser retires.

“They are concerned about losing the personal attention and expertise they have come to rely on, and are worried that any change in personnel could disrupt the continuity of their investment strategies that have been put in place.

“However, retirement is part of the natural course of life, and most financial advisory organisations will have succession plans in place to ensure the smooth transition of a client’s financial assets to another qualified professional.

“We have seen the importance of advisers implementing a centralised investment proposition and working in conjunction with a discretionary fund manager to better facilitate the sale of a business or hand over to a new adviser. Advisory models do come with additional administrate burdens and costs, which may put off potential acquirers.”

Investec Wealth & Investment (UK), a major player in the wealth management sector, manages over £40bn in assets across 14 regional offices.

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The Roundtable was hosted by Benchmark CEO Ed Dymott and commercial director Gillian Hepburn, who outlined the results of the company’s Annual Adviser Survey, conducted in April.

It showed that the primary concern among advisers is regulation, particularly following the introduction of the Consumer Duty, which has further strained the time available for client services.

It also identified technology and client retention as growing concerns.

These challenges have led more directly authorised firms to switch to Benchmark, seeking enhanced support for implementation.

To address regulatory hurdles, Benchmark has adopted Medallia’s customer satisfaction and compliance tool, which collects real-time client feedback and communicates it to advisers.

This was developed in response to advisers’ emphasis on assessing fair value using client feedback under the Consumer Duty. It helps identify firms that clients believe provide value and highlights areas for improvement, enhancing service quality and client retention.

Benchmark has also introduced proprietary technology, launching a mobile app, a digital onboarding processes for advisers and digital annual reviews over the past year.

Ed Dymott: How planners can exploit innovator’s dilemma to come out on top

These innovations are aimed at delivering efficiencies, allowing advisers more time to engage with clients and meet the growing demand for advice.

Ed Dymott commented: “The expectation is not just to take on regulatory responsibility, but also for networks to deliver a complete range of services.

“Benchmark is committed to providing these solutions and has developed a number of tools to help advisers run their businesses more efficiently, with the goal for 2024 to save an adviser at least one hour per client per year, equal to around 20 days of effort.

“These solutions encompass helping with the advice gap through the training of the next generation at our academy to supporting advisers with our proprietary technology. It is through the range of services that we provide that we hope to generate value that can in turn be passed through to the end client and help our industry thrive.”

Gillian Hepburn added: “In our recent Benchmark 2024 Annual Adviser Survey, 77% predicted positive growth for their business and 75% identify Benchmark as one of or the most important partner for their business.

“Being more productive and growing the client base are key drivers this year for advisers, and Benchmark provides the solutions to enable them to do this. While this is driving significant demand to join the network, the quality of adviser businesses joining is extremely important and we work with like-minded advisers who use our range of solutions to deliver positive and appropriate client outcomes.

“Many advisers are also keen to engage with us on exit and succession plans for their business, and in addition to our network services, technology and investment solutions, we continue to see many of them working with us to consider the options available and whether our own financial planning business (Benchmark Financial Planning) might be an appropriate longer-term home for their business and clients.”

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The party has recommended merging Cash Isas, Stocks and Shares Isas, Junior Isas and Innovative Finance Isas to create a single ‘One Isa’ product.

Doing this will make it simpler for those holding money in Cash Isas to transition towards long-term investing, it said.

AJ Bell also said government should consider increasing the overall Isa allowance from £20,000 to £25,000 to enable a greater flow of funds to UK capital markets.

HMRC data suggests there are around three million people in the UK with £20,000 or more invested in Cash Isas and no money invested in Stocks and Shares Isas.

AJ Bell claims that if just half of that money was invested for the long term, an additional £30bn of investment would be unlocked.

The actual figure may be far higher, it adds, given that HMRC’s data indicates many of those individuals hold a Cash Isa balance far in excess of £20,000.

Labour committed to Isa simplification in their plan for ‘Financing Growth’, published in January.

After winning the general election, it also vowed to “unashamedly champion” the UK’s financial-services sector.

Other aims and priorities include streamlining the Financial Conduct Authority’s 10,000-page regulatory handbook.

AJ Bell chief executive officer Michael Summersgill said: “AJ Bell has campaigned for radical Isa simplification for years and wholly supports Labour’s intention to pursue fundamental reform in this area.”

He added: “Given around half of Isa assets held on AJ Bell’s platform are UK-focused, simply increasing the overall Isa allowance from £20,000 to £25,000 should naturally drive more money towards UK plc.

“Creating a genuine incentive to invest in UK assets, such as by scrapping stamp duty on UK investments, would also help achieve this aim.

“Or even more radical, the inheritance tax exemption enjoyed by AIM stocks could be extended to include UK listed shares and those funds that invest in them.

“If radical Isa simplification is coupled with sensible reforms to the advice guidance boundary, the UK will have the foundations for an investing revolution, benefitting individuals and the wider economy.”

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