Good morning and welcome to your Morning Briefing for Thursday 27 January, 2022. To get this in your inbox every morning click here.
Quilter needs you!
Earlier this week (24 January) we wrote a very well read story about Quilter expecting appointed representatives to leave due to its productivity drive.
Now we have a story in the opposite direction about a recruitment drive it has started for financial planners.
This is part of plans to expand its high-net-worth division – Quilter Private Client Advisers.
To paraphrase in the spirit of Lord Kitchener during the Great War: “Quilter needs you!”
Leaks, leaks
The government has been criticised for leaking policies to the press rather then announcing them formally in parliament.
Now members of the Treasury select committee say they are “deeply concerned” about National Living Wage details leaked in a pre-Budget briefing.
These sentiments are expressed in the committee’s verdict on the Autumn Budget and Spending Review 2021.
The committee’s report has a passage about the rate of the National Living Wage that was “disclosed to ITV in an unauthorised fashion prior to the Budget [25 October 2021]”.
Ian Gascoigne
St James’s Place (SJP) Ian Gascoigne will step down from the board of the company after more than 30 years as an executive.
He is currently SJP managing director of partnership and has spent the last 19 years as a board director.
Gascoigne will step down from both roles on 31 March 2022.
He will remain with the group on a part time basis in an advisory capacity and will also continue to serve as a trustee of the St. James’s Place Charitable Foundation.
Quote Of The Day
The key trigger point has been the rapid shift in narrative from the central banks led by the Federal Reserve as the strong inflationary pressures which had been strengthening for most of 2021 have brought policy focus on the need for immediate and significant tightening. This is reflected in the sharp moves we are seeing – especially in real rate markets.
– Salman Ahmed, global head of macro and strategic asset allocation, Fidelity International, comments on the causes of recent market movements
Stat Attack
A survey commissioned by WisdomTree highlights a lack of trust in central banks’ ability to stave off high inflation among professional investors.
52%
Of professional investors see inflation as the biggest risk
51%
See policy errors by central banks as the next biggest risk
72%
Of professional investors have begun preparing for high inflation
47%
Are allocating to commodities to prepare to mitigate the inflationary environment
23%
Are considering allocating to the asset class to lessen the impact of inflation on their portfolios
Source: WisdomTree
In Other News
Support service provider Threesixty has released dates for its free ‘Going it alone’ direct authorisation webinars this February.
The two-part webinar, taking place on 2 and 9 February, will discuss what appointed representatives need to think about before going directly authorised and make recommendations to help get them up and running as efficiently as possible.
In addition to Threesixty experts, Threesixty has drafted in the expertise of Phil Bray of Yardstick agency, who will discuss how new start businesses can market themselves successfully.
Paul Thomson-Clark of Intelliflo who will explain the importance of selecting the right business management partner and provide some clarity around the migration of data.
Lorraine Gartland of Legal and General who will be discussing the agency and novation process, a common concern when applying for authorisation.
From Elsewhere
Universal Credit: Jobseekers must widen job search more quickly (BBC News)
Tory MPs poised to send letters of no confidence in PM after ‘partygate’ report (The Guardian)
Fed’s Jay Powell refuses to rule out string of aggressive rate rises (Financial Times)
Did You See?
Ross Liston, who is managing director of Bankhall and PMS, is a bit of a tech evangelist judging by his latest column for Money Marketing.
He thinks tech can be a great ally of advisers but acknowledges that many at small firms say they simply do not have the time to look at it all.
But he urges advisers to be on the front foot and says: “Change is coming to our industry, and tech will ensure that we are as efficient and ready as possible when it arrives. So why not get ahead of the curve and have a look to see what’s out there?”
Credit: Source link
