Bento Bulletin

Death by FOS. Is this the end for smaller IFA businesses?

The Financial Ombudsman service announced, on the 16^thOctober, it is proposing that on 1 April 2019, yes, just 5 months away, “the ombudsman service’s £150,000 award limit should increase by 133% to:

£350,000 for complaints about acts or omissions by firms on or after 1 April 2019

£160,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred to the ombudsman service after that date

They also propose that, from 1 April 2020 onwards, both award limits should be automatically adjusted on 1 April to ensure they keep pace with inflation, as measured by the Consumer Prices Index (CPI). For any complaints referred to the ombudsman service before 1 April 2019 the limit will remain at £150,000”.

24/10/18
Invesco - Investment Intelligence Seminars 2018 - Round 3 A wall of worries, Limavardy

23/10/18
Prudential’s Suitability Matters seminars are coming your way Aberdeen

30/10/18
Legal & General - Spotlight on Income Roadshows 2018 Edinburgh

FundsNetwork: Improving the quality of pension transfer advice – FCA's final rules

Get up to speed on the latest FCA rules and guidance with FundsNetwork's three-page summary.

UnderwriteMe: Don't tell my mum...

For a brief but intense period as a teenager, I was a smoker*. This was, despite the boyish looks of my profile picture, in the days when you could still smoke indoors and, crucially for a young, single man, it was verging on compulsory to do so when in a pub.

Latest Factsheet from Seneca Investment Managers

Please find the latest fund factsheet for the Seneca Global Income & Growth Trust plc.

Prudential: Leaving on a jet plane…what does this mean for tax relief on future pension contributions?

My bags are packed and I’m ready to go but is there anything I should do about my UK pension before I move overseas?

Aviva Investors: Strategic positioning: How should fixed income investors prepare for rising rates?

With interest rates on the rise – most evidently in the US but also in countries such as the UK, Canada and India – reducing interest-rate risk is clearly an appealing strategy.

Plain English Finance:Keep Calm and Carry On?

Many people have got in touch with me in the last couple of weeks to ask if I think it is time to sell out of “riskier” assets and funds given the “risk of a massive crash”. Given this fact, I thought that I would take some time to write a quick email on the subject.

Seneca: Peter Elston: Investment Letter

Last year we laid out a road map for a gradual reduction in our funds’ equity exposure, firstly from overweight – in relation to strategic asset allocation (SAA) – towards neutral, then from neutral to underweight.

*Community facts provided by Equifax Touchstone. Q3 2017

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Bento 975: Finding your life's purpose
17 Oct 2018

Finding your life's purpose

I was an enthusiastic devourer of self-help and personal development material for well over twenty years, although I have now been in healthy recovery for nearly seven years now.

During my addiction I always noticed how much material there is on finding your life's purpose. Have you ever noticed this?

18/10/18
Invesco - Investment Intelligence Seminars 2018 - Round 3 A wall of worries, Southampton am

18/10/18
JUST - Adviser Forums 2018 - The evolving science behind decumulation advice, Birmingham

18/10/18
UnderwriteMe: Protection Re-imagined

FundsNetwork: Pensions and divorce ‒ a technical guide

From earmarking orders, to pension sharing, lifetime allowance considerations and offsetting, FundsNetwork's Pensions and divorce guide covers the important technical details.

Listen to our latest webcast - Developing Professional Connections: Death and Divorce

This 45 minute session focuses on four main areas:

- Pensions and divorce and the impact of pension freedoms

- Death benefits and the unintended consequences

- When it might be useful to use a trust for pension death benefits and problems with the blended family

- Estate planning and pensions

UnderwriteMe: Protection Reimagined

Whether it’s new adviser systems or the introduction of AI and Robo Advice, technology is clearly impacting the industry and changing how we work and communicate. But are you making the most of these changes?

NS&I: 1 in 3 Britons are unaware of how to trace a lost financial product

While losing money is common, with those prone to misplacing things often finding spare change in pockets (66%), bags (37%) and drawers/cupboards (34%)

Royal London: Protecting clients against their biggest risks

It could be argued that traditionally a go-to protection policy would include life cover with a bit of critical illness cover – after all these are the products most people are familiar with.

Aviva Investors: US holds the key to emerging markets’ prospects

With emerging market assets under pressure on the back of rising US interest rates, a strong dollar and an escalating trade war between the US and China, our equity and bond teams give their opinion on areas to avoid and where pockets of value are emerging.

*Community facts provided by Equifax Touchstone. Q3 2017

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Bento 974: Robo advice is failing. It's time to change tack
15 Oct 2018

Robo advice is failing. It's time to change tack

Once RDR delivered the drop in the availability of financial advice that so many of us predicted, the Treasury came up with the Financial Advice Markets Review (FAMR).

With much of the FAMR Committee coming from the banks and IT providers, it came as no surprise that they suggested the void could be adequately replaced by Robo advice.

17/10/18
Invesco: Investment Intelligence Seminars 2018 - Round 3 A wall of worries, Bagshot

17/10/18
JUST - Adviser Forums 2018 - The evolving science behind decumulation advice, Newmarket

18/10/18
UnderwriteMe - UnderwriteMe: Protection Re-imagined

Rathbones - Breaking down the barriers to DFM

Costs, performance and even fears of clients being stolen are all major concerns for advisers that have stood firm against the rising tide of third-party investment management services in recent years.

The Global Age

We live in a Global Age. Ease of accessibility to travel and technology brings us closer together than ever before. The intermingling of people and culture drives us to embrace and adapt, else we risk being left behind.

Royal London: Is there a safe harbour in the triage storm?

Steve Webb looks at how advisers differ in their approach to pension transfer and whether there's a need for standardisation.

Read the first issue of Enlightenment, the funds magazine from Baillie Gifford

We are delighted to bring you the first issue of Enlightenment, the funds magazine from Baillie Gifford.

Aviva Investors: Ten years on: The ghost of Lehman

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UnderwriteMe: Challenging customer perceptions

I had an interesting lunch with a couple of mortgage industry experts this week. I’m going to allow them to remain nameless here, but I’ll happily break this self imposed anonymity clause if anyone wants to ask me privately.

Invesco: Brazil election special

Brazil is out of recession but the economy is still not firing on all cylinders. What is holding it back and do we expect this period of sluggishness to continue?

*Community facts provided by Equifax Touchstone. Q3 2017

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Bento 973: Asset allocation optimisation for fund risk targeting
12 Oct 2018

Schroders: Asset allocation optimisation for fund risk targeting

Join Schroders, 7IM and Distribution Technology on 16 October at 11am.

During the webconference, you will hear about the Dynamic Planner asset model process and how these exciting fund solutions are uniquely positioned to deliver consistent risk targeted investment outcomes to this framework.

17/10/18
Invesco - Investment Intelligence Seminars 2018 - Round 3 A wall of worries, Bagshot

16/10/18
Prudential’s Suitability Matters seminars are coming your way Birmingham

17/10/18
JUST - Adviser Forums 2018 - The evolving science behind decumulation advice, Newmarket

Aviva Investors: Tariffed: who are the losers in Trump’s trade war?

Trump’s tariffs on Chinese imports are stoking market volatility, but there are also longer-term implications for economic growth in the US and beyond.

The Pension Freedom Effect

We would like to hear your thoughts on the changes introduced four years ago, how they impacted your business and how you choose annuities today.

The anonymous survey will take just 5-10 minutes of your time and we will share the results with the FCA, the TSC and of course yourselves and our partners who can use the responses to enhance their service offering to you.

Developing Professional Connections: Death & Divorce

Join us on 15th October for our next webcast which we will be running with Royal London. This half hour session will briefly mention the law and some of the areas which are causing problems for advisers but it will also consider where advisers can add value to their professional connections by explaining areas where pensions legislation may interact with other areas of the law.

FundsNetwork: Tax tables 2018/19

Find all the tax rates and thresholds you need in FundsNetwork's 2018/19 tax tables. Also included are the Scottish income tax rates.

Prudential: Defined Benefit transfers – meeting client objectives and regulatory requirements

Register to join one of Prudential’s webinar sessions on Thursday 18 October to listen to industry specialists discuss different aspects of Defined Benefit (DB) transfers.

UnderwriteMe: New survey highlights 60% of advisers are ready for October IDD deadline

UnderwriteMe has released the results of a survey among 101 advisers and mortgage brokers who sell protection insurance, which highlights that three in five (60%) are ready for the Insurance Distribution Directive (IDD) deadline of 1stOctober 2018.

*Community facts provided by Equifax Touchstone. Q3 2017

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Bento 972: The Pension Freedom Effect
9 Oct 2018

The Pension Freedom Effect

It is a well- known fact that the annuity market has suffered greatly since the Pensions Freedom announcement in 2014. In the last quarter of 2016 annuity sales fell to its lowest according to the FCA.

Two years later and we definitely believe that we are starting to see this recovering and that the demand for annuities is increasing and will be for the coming years.

10/10/18
Invesco - Investment Intelligence Seminars 2018 - Round 3 A wall of worries, Nottingham

10/10/18
BlackRock Investment Conference 2018 Leeds

11/10/18
JUST - Adviser Forums 2018 - The evolving science behind decumulation advice, Winchester

Royal London: Helping trustees with DB transfers

Our policy paper helps pension trustees steer the right course in a world of large-scale DB pension transfers.

Few issues divide the pensions’ world like transfers from defined benefit (DB) to defined contribution (DC) schemes.

Prudential’s Conversation starters, case studies and videos

Prudential are always looking for ways they can assist in helping your clients face some of life’s big events. That’s why they’ve created a ‘Life Events’ hub, that holds a raft of support material including case studies, conversation starters and a series of topical videos.

Aviva Investors: Blindfolded monkeys vs investment professionals

In 1973 economist Burton Malkiel, a Princeton University professor, claimed that “a blindfolded monkey throwing darts at the stock listings” could do as well as an investment professional.

Legg Mason: Emerging markets: the never ending story

In a market where contagion fears can run wild, it is important to revisit the thesis that not all emerging markets are lemons.

Wizard Learning: Oct news: R06, AF5 and maintaining R01 to R05 knowledge

Latest newsletter:

1. The expected solutions for the AF5 and R06 October exams are now available
2. Maintaining your R01 to R05 knowledge through CPD

With Good Money Week coming up, RSMR will be hosting our 2018 SRI Seminar, which takes place at the Principal Hotel in York next Wednesday 10th October.

Invesco: What’s happening in Italy?

Stuart Edwards, Fixed Interest Fund Manager, Invesco Henley Investment Centre, comments on recent events in Italy and what it means for bond markets.

*Community facts provided by Equifax Touchstone. Q3 2017

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Bento 971: Developing Professional Connections
2 Oct 2018

Developing Professional Connections: Death & Divorce

Pension freedoms have had a fundamental impact on advisers, their clients and also the beneficiaries of clients. However, there has also been an impact on their professional connections especially solicitors’ who are involved in estate planning and divorce.

03/10/18
Invesco Perpetual - Investment Intelligence Seminars 2018 - Round 3 A wall of worries, Peterborough

03/10/18
SRI Services - Sustainability and Suitability conference

0410/18
Prudential’s Suitability Matters seminars are coming your way Fareham

FundsNetwork: CII exam revision: Top 5 pension technical videos

With the CII exams getting closer, you may find FundsNetwork's library of over 40 videos valuable for your final preparation.

Prudential: Duty Calls

When ‘running’ a trust, it’s a fundamental duty of trustees to invest the trust fund so that the beneficiaries’ interests (whether in terms of income or capital appreciation) are enhanced. Graeme Robb, Senior Technical Manager at Prudential goes into more detail.

Face behind the fund: M&G Emerging Markets Bond Fund

In this short video discover more about the face behind the M&G Emerging Markets Bond Fund. Claudia Calich, Fund Manager, discusses her career and experience, as well as reviewing the first half of 2018, the fund's current positioning and sharing her market outlook for the coming months.

Seneca: Peter Elston’s Investment Letter – Our valuation methodology as applied to US equities

In June, we moved to a zero weight in US equities across all our funds.

This is obviously a very high conviction position given that the US accounts for more than one third of total global equity market capitalisation.

Legg Mason: Active Rate Management - How It Works

Rising rates and bond losses may have been a given in the old days. Now an unconstrained investment approach can help investors lock in profits in both up and down markets.

Royal London: Older workers represent huge talent pool for employers

Pensions Specialist Helen Morrissey looks at the shift in the typical retirement age shown in the recent UK Labour market statistics.

Simon Conn’s top 20 tips for buying abroad

With the overseas property market becoming more complicated and competitive, prospective buyers are being urged to undertake thorough research before committing to a sale abroad.

*Community facts provided by Equifax Touchstone. Q3 2017

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Bento 970: The double-edged sword of longevity
27 Sep 2018

The double-edged sword of longevity

People may be living longer than before, but many of them still routinely underestimate how long they might live. And that means there's a very real risk that they could outlive their retirement funds altogether.

02/10/18
Invesco Perpetual - Investment Intelligence Seminars 2018 - Round 3 A wall of worries, Hull

01/10/18
NS&I: Changing Lives, The Financial Planning Annual Conference 2018

02/10/18
Prudential’s Suitability Matters seminars are coming your way London

Prudential: It’s all about the IIP

Before the radical trust changes in 2006, most insurance companies issued flexible ‘interest in possession’ trusts (IIP). Helen O’Hagan, Technical Manager at Prudential goes into more detail.

UnderwriteMe: Protection Re-imagined

Calling all advisers! Come and join us at our seminar and learn more about the future of protection and how you can keep your business modern and forward thinking as the new age of technology dawns upon us.

Experiences from another world

We are delighted that Diego Masciaga will be providing some observant and incisive blogs for Panacea in the coming weeks, sharing his customer services experience which includes 30 consecutive years managing a 3* Michelin restaurant and hotel.

Just: Adviser forums 2018: The evolving science behind decumulation advice

Just’s Adviser Forums will show how the science of decumulation is evolving and reveal six key elements for a robust, repeatable and defensible decumulation advice process.

Legg Mason: How material are esg ratings?

Blind reliance on companies' environmental, social and governance (ESG) ratings is problematic for investors. Individual companies can receive different scores depending on the ratings provider, while some companies can look better than others simply because they have more resources devoted to reporting.

Aviva Investors: Balancing liquidity and flexibility: a DB de-risking dilemma

As transfers out of UK Defined Benefit (DB) pension schemes reach record levels, John Dewey assesses the implications for pension schemes with alternative income allocations.

M&G: Brazil’s election: What’s at stake?

Read the latest from Claudia Calich, Fund Manager at M&G, on the run-up to elections that are coming at a particularly delicate time for EMs.

*Community facts provided by Equifax Touchstone. Q3 2017

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Bento 969: Alexa....
25 Sep 2018

Alexa…..

In November 2017, the now ‘late’ Professor Stephen Hawking issued a chilling warning about the imminent rise of artificial intelligence. During the interview, Professor Hawking warned that AI will soon reach a level where it will be a 'new form of life that will outperform humans.'

There is a move afoot to bring the delivery of financial advice into the 21st century. After all, with the smart phone, tablet and virtual reality all breaking through boundaries, why should financial advice not find itself in the vanguard of change?

27/09/18
Prudential’s Suitability Matters seminars are coming your way Durham

28/09/18
M&G Investments - Meet the Managers 2018 London

01/10/18
NS&I - Changing Lives, The Financial Planning Annual Conference 2018

Aviva Investors: Is Bricks and Mortar retail dead?

Register now for our interactive UK property webinar with Fund Manager Andrew Hook and retail experts Andy Coles and Tom Goodwin 0n 9 October at 9.30 am.

Prudential:That’s a relief… or is it?

Clients wishing to mitigate a potential Inheritance Tax (IHT) liability have a dilemma. Should they reduce the value of the estate through the tried and tested method of gifting, or invest in assets potentially qualifying for IHT Business Relief? Graeme Robb, Senior Technical Manager at Prudential explores further.

Invesco Perpetual: Land reform jitters in South Africa

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Don’t miss out: register to livestream M&G’s Meet the Managers

If you’ve missed the chance to attend a seminar near you, register now for the livestream on Friday 28^th September at 10am. Tune in to hear four of M&G’s leading fund managers as they discuss the economic backdrop

FinalytiQ: Science of Retirement Conference 2019

We are beyond delighted to welcome back legendary adviser coach, speaker and author Nick Murray to the Science of Retirement Conference 2019! The conference will take place on Thursday 28th February 2019 at the fantastic IMAX® Theatre, Science Museum, London!

Legg Mason: Mexico's new deal

Now, the US and Mexico appear to have come to an agreement, giving some respite – at least temporarily – to investor nervousness over an all-out trade war.

FundsNetwork: Pension technical videos to support your revision

With the CII exams less than two weeks away, you may find our revision content valuable for your final preparations. Our library of over 40 videos covers many of the key syllabus and our video focusing on exam technique tips is particularly popular at this time.

*Community facts provided by Equifax Touchstone. Q3 2017

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Bento 968: The key to doing transformational client work - you go first
21 Sep 2018

The key to doing transformational client work – you go first

A couple of years ago I attended a conference in Oslo and one of my memories is of Dr. Aaron Turner make a particularly powerful point.

Aaron shared a story about a time he was holidaying in Hawaii with his family. They were spending some time on the beach and he was standing in the sea enjoying the warm water.

BlackRock: WEBINAR: Navigating emerging markets turbulence Tuesday 11 October, 9:00am GMT

Join Andrew Swan, Gordon Fraser and Emily Fletcher as they discuss the opportunities and challenges surrounding the EM investment landscape, the nuances within the asset classes and looking ahead at why they believe current valuations and strong earnings outlook offer investors an attractive entry point.

Wizard Learning: FCA and CII announce exam to reassess level 4 diploma qualification

Following the FCA and CII's announcement, we have received many enquiries about whether Wizard Learning will be offering training material and assessments to help to prepare for this new CII exam.

Legg Mason: On EM valuations and fundamentals

The Emerging Market (EM) bear market could provide resplendent valuation opportunities. In our view, valuation and fundamentals will carry the day.

25/09/18
Prudential’s Suitability Matters seminars are coming your way Reading

26/09/18
M&G: Meet the Managers 2018 Newmarket

26/09/18
Seneca Investment Managers - Professional Adviser Multi-Asset roadshow Bristol

M&G: BVTV: 10 years after Lehman, still holding on?

Last Saturday marked exactly 10 years since Lehman Brothers went bust. Are we still suffering the consequences of the Global Financial Crisis that followed?

Royal London: Keeping on top of state benefit changes

Most people assume the government will take care of them and their families if they die or become too ill to work, but this isn’t always the case.

Kinder Institute: NAPFA and ACP Pre-Conference 2-Day Seven Stages of Money Maturity Workshops

A two-day workshop that will help you improve your ability to inspire clients to action toward their goals and establish broader and deeper relationships with your clients, making them clients for life.

*Community facts provided by Equifax Touchstone. Q3 2017

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Bento 967: The 4 keys to getting into your client’s world
17 Sep 2018

The 4 keys to getting into your client’s world

Getting deep into the world of your client is the only way you can get to understand them and what they want and put yourself in a position to deliver beyond their expectations.

19/09/18
Seneca Investment Managers Professional Adviser Multi-Asset roadshow Warrington

19/09/18
M&G: Meet the Managers 2018 Edinburgh

20/09/18
Prudential’s Suitability Matters seminars are coming your way Bristol